WTI rose 1.7% after rising 5% in the previous session

Oil rose on hopes that the omicron variety would not be as hazardous as previously thought, alleviating concerns about demand.

After trading ended on Monday, New York futures rose beyond $ 70 per barrel, and firms submitted bids to take oil from the US strategic reserve.

China’s oil imports rose to a three-month high

According to government data, China’s oil imports hit a three-month high in November after refiners were given fresh quotas. As foreign demand soared ahead of the New Year holidays, total exports also set a new high.

Oil is regaining ground after a six-week slump, owing in part to the emergence of a new variant of the coronavirus and indications that major consumers will use oil emergencies to limit price increases, and Saudi Arabia’s decision to raise oil prices in January next year instilled confidence in the market that demand remains strong.

“Growth will be gradual if optimism prevails, but it will be characterized by significant volatility.” “Even clues of the damaging impact of omicron will remain very subject to sentiment,” said Vandana Hari, founder of Vanda Insight.

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