Oil prices rise thanks to improved investor appetite for risk

Oil prices rose for the sixth consecutive session, today, Wednesday, following the impact of a broad-based rise in global markets.

And US crude futures, “West Texas Intermediate”, rose 0.3% to $ 76.19 a barrel, by 01:01 GMT.

Brent crude futures also rose 0.3% to $79.17 a barrel. Both crudes rose near their highest level in a month.

Oil-to-equity assets made up for losses from late November 2021, when the coronavirus mutated Omicron prompted investors to seek safe havens.

As the worst of the Omicron concerns receded, investors returned to riskier assets.