Oil, gas ‘headed higher’: Canary CEO Dan Eberhart
Dan Eberhart, the CEO of drilling services company Canary, explains why he believes the rising price of oil and gas is something President Biden ‘is going to have to worry about.’
Oil prices rose on Monday, extending gains from last Friday, helped by growing optimism that the Omicron coronavirus variant's impact will be limited on global economic growth and fuel demand.
Brent futures climbed 53 cents, or 0.7%, to $75.68 a barrel by 0100 GMT, after rising 1% on Friday.
OIL RESERVES RELEASED BY BIDEN EXPECTED TO PRIMARILY GO TO CHINA, INDIA
U.S. West Texas Intermediate (WTI) gained 69 cents, or 1.0%, to $72.36 a barrel, following a 1% increase in the previous session.
Both benchmarks posted gains of about 8% last week, their first weekly gain in seven. They have recovered more than half the losses suffered since the Omicron outbreak on Nov. 25.
"Market sentiment has improved as the threat of the Omicron variant has receded," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.