JEDDAH: Oil prices rose to $70 a barrel earlier on Dec. 7, as concerns eased about market demand and as fears of the omicron variant waned, Bloomberg reported.
Brent crude futures were up $1.66, or 2.3 percent, at $74.74 a barrel by 1005 GMT, after settling 4.6 percent higher on Monday.
US West Texas Intermediate crude was at $71.30 a barrel, up $1.81, or 2.6 percent, building on a 4.9 percent gain in the previous session.
At the weekend, Saudi Arabia increased the cost of its crude for buyers in Asia and the US, signaling that it still sees strong demand despite the wave of restrictions by various national governments in response to the latest variant of the COVID-19.
Meanwhile, companies made offers on Monday to buy crude oil released from US strategic reserves, according to Bloomberg.
The winning bids for the first 32 million barrels will be announced on Dec. 14.
At least two oil refiners have expressed interests.
The US release of crude is part of the Biden administration’s efforts to control gasoline prices, Bloomberg said.