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    Home > Trading > Oil rises as fuel demand holds up despite surge in Omicron cases
    Trading

    Oil rises as fuel demand holds up despite surge in Omicron cases

    Published by maria gbaf

    Posted on December 30, 2021

    2 min read

    Last updated: January 28, 2026

    An informative graph depicting the projected growth of the Health Caregiving Market from USD 233.02 billion in 2025 to USD 521.61 billion by 2032, highlighting a CAGR of 12.2%. This image enhances understanding of the market dynamics discussed in the report.
    Graph illustrating growth of the Health Caregiving Market to USD 521.61 billion by 2032 - Global Banking & Finance Review
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    Quick Summary

    Oil prices rise as U.S. fuel demand holds strong despite Omicron. Brent and WTI crude futures gain, supported by falling inventories.

    Oil Prices Rise as Fuel Demand Stays Strong Despite Omicron

    MELBOURNE (Reuters) – 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 17 cents, or 0.2%, to $79.40 a barrel at 0217 GMT, climbing for a fourth day in a row.

    U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.3%, to $76.79 a barrel for a seventh straight session of gains.

    U.S. Energy Information Administration data on Wednesday showed crude oil inventories fell by 3.6 million barrels in the week to Dec. 24, which was more than analysts polled by Reuters had expected. [EIA/S]

    At the same time gasoline and distillate inventories fell, compared with analysts’ forecasts for stock builds, indicating demand remains strong.

    Further supporting sentiment, governments around the world were trying to limit the impact of record numbers of new COVID-19 infections on economic growth by easing testing rules and narrowing who needs to isolate as close contacts of positive cases.

    China, the world’s biggest oil importer, reported 207 new confirmed coronavirus cases and 27 new asymptomatic cases on Thursday, but no new deaths. Australian cases hit a new record of more than 19,000 daily infections.

    (Reporting by Sonali Paul; editing by Richard Pullin)

    Key Takeaways

    • •Oil prices continue to rise amid strong fuel demand.
    • •Brent crude futures increase for the fourth consecutive day.
    • •WTI crude futures see a seventh straight session of gains.
    • •U.S. crude oil inventories fell more than expected.
    • •Governments ease COVID-19 restrictions to support economies.

    Frequently Asked Questions about Oil rises as fuel demand holds up despite surge in Omicron cases

    1What is the main topic?

    The article discusses the rise in oil prices due to strong fuel demand despite the surge in Omicron cases.

    2How did Brent crude futures perform?

    Brent crude futures rose for the fourth consecutive day, reaching $79.40 a barrel.

    3What is the impact of Omicron on oil demand?

    Despite the surge in Omicron cases, fuel demand remains strong, supporting oil prices.

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