WASHINGTON (dpa-AFX) - Oil prices rose on Tuesday to extend gains from the previous session as Omicron fears abated and Iran nuclear talks stalled, delaying the return of Iranian crude.
Brent crude futures for February delivery rose $1.77, or 2.4 percent, to $74.85 a barrel, after climbing as much as 4.6 percent in the previous session.
U.S. West Texas Intermediate crude futures for January settlement were up $1.90, or 2.7 percent, at $71.39.
Concerns about the impact of the Omicron coronavirus variant on global fuel demand eased after experts said the new variant, with more than 30 mutations on its spike protein, may not be as dangerous as the Delta and Alpha and other variants of coronavirus.
Easing worries about the Omicron variant helped lower the probability of the worst case scenario that the oil markets have been pricing in over the past couple of weeks.
A delay in the return of Iranian crude also supported prices after indirect U.S.-Iran nuclear talks hit roadblocks. Germany urged Iran on Monday to present realistic proposals in talks over its nuclear program.
In another sign of confidence in oil demand, data showed that China's imports of crude oil rebounded in November from the previous month's lows.
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