Crude oil futures ended higher on Tuesday, magnifying their previous session’s rally, on rising optimism about the outlook for energy demand. Reports said that the Omicron variant of the coronavirus is unlikely to impact the global economic recovery has raised hopes about strong demand for oil. A South African health official reportedly said over the weekend that Omicron cases in South Africa had shown only mild symptoms. Top US infectious disease expert Anthony Fauci also commented that there did not appear to be a great degree of severity with the variant so far. Besides, oil prices also got a lift following the delay in the return of Iranian oil into the market as indirect nuclear talks between the US and Iran have failed so far.
Benchmark crude oil futures for January delivery surged $2.56 or 3.7 percent to settle at $72.05 a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose $2.30 or 3.15 percent to settle at $75.38 a barrel on London's Intercontinental Exchange.