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Oil prices rise 4% as easing concerns over impact of the Omicron coronavirus

Oil prices climbed by about 4% on Tuesday, extending the previous day’s almost 5% rebound on easing concerns over the impact of the Omicron coronavirus variant on global fuel demand.

Brent crude futures were up $2.89, or 4%, at $75.97 a barrel by 12.36 pm ET (1736 GMT), having earlier touched a session high of $76.27. US West Texas Intermediate crude rose $3.17, or 4.6%, to $72.66, building on a 4.9% gain in the previous session.

Oil prices were pummelled last week by concerns that vaccines might be less effective against the new Omicron variant, sparking fears that governments could impose fresh restrictions to curb its spread and hit global growth and oil demand.

 

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About AISU

Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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92 Members

28 Board of Directors

17 Country

300.000 Employees

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