Oil prices advanced on Thursday after implied demand for crude oil in the U.S. surged to record high even at a time when Omicron threatens to slow down growth in economic recovery.
The Federal Reserves signal to tackle inflation also added positive sentiment to the price of oil.
The West Texas Intermediate (WTI) is up by 1.1% to $71.65 a barrel while Brent Crude oil is up by 0.96% to $74.59 a barrel.
“Despite the current virus surge, the weekly EIA oil inventory report showed demand for petroleum products hit a record high, crude exports bounced back and national crude stocks posted a larger-than-expected draw,” said Edward Moya, senior analyst at OANDA, as reported by Reuters.
