Oil prices extended gains on Tuesday from a near 5% rebound the day before as concerns about the impact of the Omicron coronavirus variant on global fuel demand eased while Iran nuclear talks stalled, delaying the return of Iranian crude.
Brent crude futures rose $1.12, or 1.5%, to $74.20 a barrel at 0720 GMT, after settling 4.6% higher on Monday. U.S. West Texas Intermediate crude was at $70.71 a barrel, up $1.22, or 1.8%, building on a 4.9% gain in the previous session.
Oil prices were pummelled last week over concerns that vaccines might be less effective against Omicron, sparking fears that governments may re-impose restrictions to curb its spread and hit global growth and oil demand, Reuters reported.
