Oil climbs on weaker dollar, China, amid cautious Omicron

FILE PHOTO: The sun is seen behind a crude oil pump in the Permian Basin in Loving . County
FILE PHOTO: The sun is seen behind a crude oil pump in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus MordanT/File Photo

December 22, 2021

By Sonali Paul

MELBOURNE (Reuters) – Oil prices rebounded on Wednesday as the dollar slid, with risk appetite returning as some governments resisted imposing lockdown measures to limit the spread of coronavirus. variant Omicron COVID-19 and as China said it will be able to sustain economic growth.

U.S. West Texas Intermediate (WTI) crude oil futures rose 50 cents, or 0.7%, to $71.62 a barrel by 0235 GMT after rising 3.7% on Tuesday.

Brent crude oil futures rose 44 cents, or 0.6%, to $74.42 a barrel after rising 3.4% on Tuesday.

Oil prices often move inversely with the US dollar, with a weaker greenback making the commodity cheaper for holders of other currencies.

Meanwhile, a senior Chinese state planning official on Wednesday said Beijing would work to support economic growth, including boosting government spending, stepping up support for developers, and boosting government spending. production and stabilize the supply chain in the industry.

The country, the world’s largest oil importer, will “try to stabilize economic activity in the first quarter, the first half and even the whole year,” the official told Xinhua.

Meanwhile, several governments are trying to prevent the imposition of new pandemic restrictions to slow the spread of the Omicron coronavirus variant, including in the UK and Australia, which will help support fuel demand.

British Prime Minister Boris Johnson said he would not introduce new COVID-19 restrictions before Christmas, but said the government may need to take steps after that.

In Australia, Prime Minister Scott Morrison on Wednesday rejected a lockdown and instead urged people to get a booster shot to protect themselves even as the country hits the peak of the pandemic with more than 5,000. new infections.

(Reporting by Sonali Paul; Editing by Kenneth Maxwell) Oil climbs on weaker dollar, China, amid cautious Omicron

Bobby Allyn

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