Omicron Spread Caps Oil Climb – 20 December, 2021

Oil prices were on the rise this week but investors kept their eyes on the Omicron variant, cautious that its rapid spread might prompt countries to consider more restrictions that could hurt future demand. U.S. West Texas Intermediate crude futures rose by 73 cents, or 1.1%, to $69.34 a barrel. Brent crude futures increased by 59 cents, or 0.8%, to $72.11 per barrel. Many people and nations are watching the spread closely ahead of the Christmas and New Year celebrations.