Oil prices rally on inventory drawdown, casting Omicron caution to the wind

Brent crude futures ended the day up US$1.31, or 1.8%, to $75.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled at $72.76 a barrel, up $1.64, or 2.3%. U.S. inventories fell more than expected, with crude stocks down by 4.7 million barrels

NEW YORK: Oil prices rose on Wednesday after a larger-than-expected drawdown in U.S. inventories, shaking off worries about the likely hit to economic activity from the spread of the Omicron coronavirus variant.

Brent crude futures ended the day up US$1.31, or 1.8%, to $75.29 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled at $72.76 a barrel, up $1.64, or 2.3%.