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Oil prices climb on easing Omicron fears, Iran delay

 

Oil prices edged up on Tuesday after a near 5% rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.

Brent crude futures rose 60 cents, or 0.8%, to $73.68 a barrel at 0520 GMT, after settling 4.6% higher on Monday. U.S. West Texas Intermediate crude was at $70.23 a barrel, up 74 cents, or 1.1%, building on a 4.9% gain in the previous session.