Oil & Gold Extend Gains, Virus Concerns Subside – 7 December, 2021

A recent shift in view over the severity of the Omicron variant being more low-key than originally anticipated helped oil continue to climb. West Texas Intermediate was up 5.1% for Tuesday, settling around $72 per barrel. Brent settlement for February rose $2.36 to settle at $75.44 per barrel. The American Petroleum Institute said U.S. stockpiles fell 3.1 million barrels last week, despite inventories at the Cushing storage hub rising. In gold, prices were higher as investors turn to U.S. inflation date.Spot gold was up 0.1% to $1,785.48 per ounce, while U.S. gold futures were 0.1% higher at $1,786.10.