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Crude oil futures end higher as prices rebounded from losses in previous session

22 Dec 2021 Evaluate

Crude oil futures ended higher with gains of over three and half percent on Tuesday as prices rebounded from losses in the previous session. An announcement from Moderna Inc. that a booster dose of its Covid-19 vaccine appeared to be protective against the Omicron variant in laboratory testing contributed to the uptick in oil prices. However, omicron accounted for 73% of new infections in the US last week, a nearly six-fold increase in only seven days. Meanwhile, WHO director-general Tedros Adhanom Ghebreyesus said there is now consistent evidence that Omicron is spreading significantly faster than the Delta variant.

Benchmark crude oil futures for January delivery rose $2.51 or 3.7 percent to settle at $71.12 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $2.64 or 3.68 percent to settle at $74.16 a barrel on London's Intercontinental Exchange.

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