Oil prices rose again on Wednesday as the dollar plummeted and risk appetite returned as some governments resisted lockdowns to curb the spread of the Omicron COVID-19 variant and China said it could sustain economic growth.
Oil prices typically move in the opposite direction against the US dollar, and a weaker dollar makes commodities cheaper for those holding other currencies.
Brent crude futures rose 44 cents, or 0.6%, to $74.42 a barrel at 0235 GMT after gaining 3.4% on Tuesday.
West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.7%, to $71.62 a barrel after rising 3.7% on Tuesday.
China, the world’s largest oil importer, announces striving helps to economic growth, including by accelerating government spending, strengthening support for producers, and stabilizing industry supply chains, and will work hard on to stabilize economic operations not only in the first quarter but full year.
Meanwhile, some countries, including Britain and Australia, are trying to delay introducing new pandemic restrictions to slow the spread of the Omicron coronavirus variant, at least until the end of the year to help support fuel demand.
