Oil market continued to rally on vanishing fear of Omicron

International benchmarks for crude oil posted another session of gains on Wednesday, 8 December 2021 on continued abating fear of the Omicron variant would disrupt the global economy. However, investors are cautious on reports that supply might exceed demand in 2022 due to higher US production and additional output from OPEC+.

Brent gained 38 cents to settle at $75.82/barrel. 

WTI increased 31 cents to close at $72.36barrel.