Crude oil futures ended higher for fifth straight session on Tuesday as the outlook for energy demand turned a bit positive amid hopes the Omicron variant of the coronavirus is unlikely to any significantly impact global economic recovery. Worries about the impact of the Omicron variant have eased a bit. According to reports, the most common symptoms appear to be sore throats, mild headaches and congestion, and in some cases, the loss of taste or smell. Many patients are showing only mild symptoms, helping ease concerns about flight cancellations over the weekend. Meanwhile, the UK government has ruled out introducing stricter Covid-19 restrictions in England before the end of the year.
Benchmark crude oil futures for February delivery rose $0.41 or 0.5 percent to settle at $75.98 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $0.34 or 0.4 percent to settle at $78.94 a barrel on London's Intercontinental Exchange.