Oil Prices Soar as Omicron Fears Continue to Remain

Oil prices surged on Tuesday although persistent fears over the Omicron amid rapidly increasing cases worldwide will likely curb improvements.

By 0418 GMT, Brent crude futures rose by 0.8% (59 cents) priced at $72.11 per barrel. The U.S. West Texas Intermediate (WTI) crude futures also increased by 1.1% (73 cents) with a price of $69.34 a barrel.

According to an initial poll conducted by Reuters on Monday, crude oil prices have dropped the fourth subsequent time as gasoline and distillate experienced a potential increase the previous week.

Edward Moya, a Senior Analyst at OANDA said, "After a rough couple of days, crude prices are rebounding as much of the COVID wall of worry has been priced in." However, he contended that the effects of the temporary economic setback fueled by COVID-19 are still “unknown” with oil prices still vulnerable to any further travel restrictions that may be imposed in the wake of the Omicron variant spread. This is comes as a growing number of countries gear up to tighten restrictions amid rising cases of COVID-19.