Oil prices rose on Thursday to extend several consecutive days of gains, buoyed by data showing U.S. fuel demand holding up well despite soaring Omicron coronavirus infections.
Brent crude futures rose 24 cents, or 0.3%, to $79.47 a barrel at 0502 GMT, up for a fourth day. U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3%, to $76.82 a barrel for a seventh session of gains.
Gasoline and distillate inventories also fell, versus analysts' forecasts for builds, indicating demand remains strong despite record COVID-19 cases in the United States.
Oil prices also drew support from steps taken by governments to limit the impact of record high COVID-19 cases on economic growth, such as easing testing rules and narrowing who needs to isolate as close contacts of positive cases.
OPEC and their allies, a group known as OPEC+, will meet on Jan. 4 to decide whether they will continue increasing output in February.
Global oil prices have rebounded by 50% to 60% in 2021 as fuel demand roared back to near pre-pandemic levels while deep production cuts by OPEC+ producers for most of the year erased a supply glut that has been weighing on the market, Reuters reported.
