By Jessica Resnick-Ault
NEW YORK (Reuters) – Oil prices rose slightly this Friday and posted their biggest weekly gain since late August, as market sentiment boosted by easing concerns over the impact of the new coronavirus variant, Ômicron, on global economic growth and demand for fuel.
Benchmarks Brent and US Oil (WTI) posted gains of around 8% this week, their first weekly gain in seven, even after a brief profit-taking session.
Brent futures closed higher at $0.73, or 1%, to $75.15 a barrel, after falling 1.9% the day before.
US crude rose $0.73 to $71.67 a barrel, about 1%, after falling 2% in a volatile session the day before.
“Oil traders are coming out of their shock and feeling more optimistic as they recalibrate their demand expectations after the Ômicron variant of the coronavirus,” said Phil Flynn, senior futures price analyst in Chicago.
Earlier in the week, the oil market recovered about half of the losses incurred since Ômicron’s emergence on Nov. 25, with prices soared by early studies suggesting three doses of Pfizer’s Covid-19 vaccine offer protection against micron. variant.
(Additional reporting by Shadia Nasralla in London, Sonali Paul in Melbourne and Muyu Xu in Beijing)
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