Oil prices edged up on Friday and posted their largest weekly increase since late August, with market sentiment getting a boost from easing concerns about the impact of the coronavirus Omicron variant on global economic growth and fuel consumption. The international benchmark Brent futures gained 73 cents (1%) to $75.15 per barrel after slipping1.9% on Thursday. Meanwhile, US WTI increased by 73 cents (1%) to $71.67 per barrel after falling 2% on the previous day. Both futures gained about 8% this week, their first weekly increase in seven, despite a brief profit-taking.
Analysts said oil traders were more bullish after recalibrating the potential impact of the coronavirus Omicron variant. Adding support to sentiment, US consumer inflation accelerated further in November, posting its largest year-on-year rise since 1982. Global oil prices had recovered around half the losses since a rout caused by the Omicron outbreak on November 25. However, the gain was capped by tighter travel restrictions in China which weighed on domestic air traffic.
