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That is why oil prices are climbing to their highest level since the end of November

On Tuesday, oil prices picked up on their significant gains from the previous day.

Most recently, a barrel (159 liters) of North Sea Brent cost 79.27 US dollars. That was 67 cents more than the day before. The price of a barrel of the American West Texas Intermediate (WTI) rose by 57 cents to $ 76.14.

Oil prices gave up even more significant gains. At times they had risen to their highest level since the end of November. Oil prices had already risen significantly on Monday. The spread of the omicron variant of the coronavirus is now less of a concern for the markets. The severity of the disease is apparently lower than with the Delta variant.

Lower restrictions due to the corona crisis would also boost demand for crude oil. At the end of November, worries about the economic consequences of the rapidly expanding new Omikron variant had sent oil prices plummeting.

/jsl/he

NEW YORK / LONDON (dpa-AFX)

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Reference-www.finanzen.at

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