Brent rises for the second straight day

Brent Crude continued to rise as the US market opened on Monday, extending gains for the second straight day, as fears of the spread of the Omicron variant eased, in addition to signs over its limited impact on global economic growth and fuel demand.

Brent crude rose 1.5% to $76.37 a barrel, after opening at $75.22, and hit a low at $75.22.

Brent crude rose 1.75% on Friday, the fourth gain in 5 days, as concerns about the decline in global demand receded.

Oil prices gained around 8% last week, the first weekly gain in 7 weeks, after Saudi Arabia raised January's oil selling prices to Asia and the US, in addition to concerns about the Omicron variant easing.

South African scientists stated on Friday that there were no sign that the omicron variant was causing a more serious disease, as most of the symptoms were mild compared to previous variants.

The UK Health Security Agency said on Friday that the booster shots significantly restore protection against mild disease caused by the Omicron variant.