Crude oil extended higher gains as concerns over the Omicron coronavirus variant subsided and a stalemate in nuclear talks between Iran and the United States.
Both crude oil benchmarks had recorded increases of almost 5% on Monday after last week’s fall.
In the Asian session, Brent futures traded higher around $ 73.45 a barrel after gaining 4.6% in the previous session, while US WTI climbed back to $ 70 a barrel after gaining 4.9%.
Earlier, the black commodity had received support from the actions of the world's major exporter, Saudi Arabia, which raised its official selling price of crude oil to Asia and the United States.
Meanwhile, nuclear talks between the U.S. and Iran appear to still be unresolved, causing Tehran’s desire to return its oil to the market to be delayed again for now.
This indirectly gives an extra boost to oil prices that have just wanted to climb from their poor performance last week when the Omicron variant began to be spotted.
