Oil jumps nearly 4% as Omicron impact seen as short-lived

Brent crude gained US$2.85, or 3.5%, to $83.72 a barrel, its highest settlement since early November. The global benchmark dropped 1% on Monday. U.S. West Texas Intermediate (WTI) rose $2.99, or 3.8%, to end at $81.22, also its highest price since mid-November. On Monday, it fell 0.8%.

NEW YORK: Oil soared nearly 4% on Tuesday, supported by tight supply and expectations that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery.

Brent crude gained US$2.85, or 3.5%, to $83.72 a barrel, its highest settlement since early November. The global benchmark dropped 1% on Monday.