Oil prices rise again due to easing fears of “Omicron”

Global oil prices rose, during trading today, Thursday, thanks to confidence that the Corona virus “Omicron” will not hinder global growth, even as some governments intensify restrictions to stop its rapid spread, according to what the “Reuters” agency reported.

US West Texas Intermediate crude futures rose 0.4 percent, to $72.64 a barrel, to increase its gains in the previous session of 0.4 percent, while Brent crude futures rose 0.3 percent to $76.04 a barrel, after a gain of 0.5 percent on Wednesday.

The market received support thanks to statements from “Biontech” and “Pfizer” that receiving three doses of their anti-Covid-19 vaccine may provide protection against infection with the Omicron strain.

“Initial indications for the Omicron strain are that it may be less severe than initially feared, as hospitalization rates have not increased,” Vivek Dhar, a commodities analyst at the Commonwealth Bank, said in a note.

“Receiving a third dose also shows promising indications of protection against the new strain,” the analyst added.

But market gains fell due to the re-imposition of restrictions by governments to limit the spread of Omicron, such as Britain which ordered residents to work from home, Denmark which closed restaurants, bars and schools, and China which stopped group tours from Guangdong province.

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