Oil price rises around 2% on strong US demand, upbeat Fed outlook

Brent crude oil rose US$1.14, or 1.5%, to settle at $75.02 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.51, or 2.1%, to settle at $72.38 a barrel, a 2.13 percent gain.

NEW YORK: Oil prices rose around 2% on Thursday, as record U.S. implied demand, falling crude stockpiles and an upbeat economic outlook from the Federal Reserve trumped fears of the Omicron coronavirus variant hurting global consumption.

Crude and other risk assets such as equities also got a boost after the Fed gave an upbeat economic outlook, lifting investor spirits even as the U.S. central bank flagged a long-awaited end to monetary stimulus.