Black gold trading does not appear to be intimidated to continue higher gains this week despite uncertainty about the Covid-19 outbreak that continues to record gains around the world.
US WTI crude futures managed to recapture the $ 75 a barrel price level, putting its benchmark at a nearly one -month high in Tuesday’s trading session.
While Brent oil traded strong at around $ 78 a barrel, its highest level since November.
This strengthening follows a jump of over 2% recorded by both benchmarks in the previous session.
While the increase in Covid-19 cases worldwide continued to be recorded due to the easy-to-spread Omicron variant, investors instead continued to trade for this black commodity.
This may be because investors are less concerned about the severity of the variant than Delta which poses a greater threat, and the market is also more focused on economic recovery that will lead to an increase in crude oil demand.
Oil prices have risen more than 50% this year, supported by a recovery in demand and supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its ally, OPEC+.
