Oil rises on optimism Omicron impact will be limited on fuel demand

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. US West Texas Intermediate (WTI) gained 69 cents, or 1.0%, to $72.36 a barrel, following a 1% increase in the previous session.