Oil rises 3%, extending rally as Omicron fears retreat

Brent crude futures settled up US$2.36, or 3.2%, at $75.44 a barrel, after Monday's rise of 4.6%. U.S. West Texas Intermediate crude rose $2.56, or 3.7%, to $72.05, building on a 4.9% gain the previous session. At the session highs on Tuesday, each contract was up more than $3.

CALGARY, Alberta,: Oil prices climbed by more than 3% on Tuesday, extending the previous day's rebound of almost 5% as concerns eased further about the impact on global fuel demand of the Omicron coronavirus variant.

Brent crude futures settled up US$2.36, or 3.2%, at $75.44 a barrel, after Monday's rise of 4.6%. U.S. West Texas Intermediate crude rose $2.56, or 3.7%, to $72.05, building on a 4.9% gain the previous session. At the session highs on Tuesday, each contract was up more than $3.