Oil Edges Higher After Surging on Signs Omicron Angst Overdone By Bloomberg

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Oil Edges Higher After Surging on Signs Omicron Angst Overdone

Published Dec 06, 2021 06:51PM ET Updated Dec 06, 2021 07:09PM ET

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Oil Edges Higher After Surging on Signs Omicron Angst Overdone

(Bloomberg) -- Oil edged higher in Asia after jumping on Monday amid a broad market rally driven by optimism the omicron virus variant may not be as bad as anticipated, easing concern over the energy demand outlook.

Futures in New York extended gains toward $70 after closing almost 5% higher. While initial data shows the surge in omicron cases hasn’t overwhelmed hospitals so far, some nations have implemented restrictions on travel that’s expected to crimp jet fuel demand. Meanwhile, companies lodged bids Monday for crude set to be released from the U.S. strategic reserve.

Oil is clawing back losses after sliding over the past six weeks in part due to the emergence of the new coronavirus variant and signs that key consumers would tap emergency crude stockpiles to tame rising prices. Saudi Arabia’s move on Sunday to increase the cost of its crude for January gave the market confidence the demand outlook would remain robust.

While the winning bids for the first 32 million barrels from the U.S. Strategic Petroleum Reserve won’t be announced until Dec. 14, at least two international oil refiners have expressed interest, according to people familiar. The release is part of the Biden Administration’s effort to lower energy costs and tackle surging gasoline prices.

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