Oil rises as fuel demand holds up despite surge in Omicron cases
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[MELBOURNE] Oil prices rose on Thursday (Dec 30) to extend several consecutive days of gains, buoyed by data showing US fuel demand holding up well despite soaring Omicron coronavirus infections.
Brent crude futures rose 17 US cents or 0.2 per cent to US$79.40 a barrel at 2.17 am GMT, climbing for a fourth day in a row.
US West Texas Intermediate (WTI) crude futures rose US$0.23 or 0.3 per cent to US$76.79 a barrel for a 7th straight session of gains.
US Energy Information Administration data on Wednesday (Dec 29) 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.
At the same time petrol 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.
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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.
REUTERS
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