MELBOURNE (Reuters – Thursday’s oil prices surged, extending a string of consecutive gains. The rise was fueled by data showing that U.S. fuel demands are holding strong despite Omicron Coronavirus epidemic levels.

Futures rose 0.2% to $79.40 per barrel, rising 17 cents at 0217 GMT. This is the fourth consecutive day of gains.

U.S. West Texas Intermediate crude futures increased 23 cents or 0.3% to $76.79 per barrel, for the seventh consecutive session of gains.

Data from the U.S. Energy Information Administration on Wednesday revealed that crude oil inventories dropped by 3.6 Million barrels during the week ending Dec. 24, more than analysts polled at Reuters expected. [EIA/S]

However, gasoline and distillate inventories also fell in line with analyst forecasts. This indicates that demand is still strong.

In support of this sentiment, countries around the globe tried to reduce the economic impact of the record number of COVID-19 cases on growth. They relaxed testing regulations and narrowed the scope of those who need to be isolated from positive cases.

China is the largest oil importer in the world. On Thursday there were 207 confirmed cases of coronavirus and 27 asymptomatic cases. However, no deaths occurred. Australians have now been infected with more than 19,000 times per day, a record.