Sonali Paul

MELBOURNE (Reuters – On Wednesday, oil prices rose as dollar dropped and risk appetite returned as many governments refused to impose restrictions to limit the spread Omicron COVID-19. China also stated that it will be able sustain economic growth.

U.S. West Texas Intermediate crude oil futures rose 50c, or 0.7% to $71.62 per barrel at 0235 GMT, after rising 3.7% Tuesday.

Futures gained 0.6% to $74.42 per barrel, rising 44 cents or 0.6% after Tuesday’s gain of 3.4%.

Prices for oil tend to move in the opposite direction of those of the U.S. Dollar. However, a weaker greenback can make commodities less expensive for people who hold other currencies.

A senior Chinese official in the field of state planning said Wednesday that Beijing will work with China to boost economic growth. This includes increasing government spending and strengthening support for manufacturers.

Officials from the nation, which is world’s largest oil importer, said that they would try to stabilize economic operations during the first quarter, first half, and the entire year.

Some governments have been hesitant to impose new curbs on pandemics in an effort to limit the spread of Omicron coronavirus variants, such as Australia and Britain. This should support the demand for fuel.

Boris Johnson, British Prime Minister, stated that he will not implement new COVID-19 restrictions prior to Christmas but suggested the government might need to make some changes.

Australia’s Prime Minister Scott Morrison, on Wednesday, ruled out the need for lockdowns. He instead encouraged people to receive booster shots to help them protect themselves in an environment where there was a high number of new infections.