Oil extends gains, Brent jumps above $72

Oil prices rose on Monday, despite the US dollar's rise against most currencies, amid optimism about the Omicron variant and after Saudi Arabia raised its oil exports prices.

Saudi Arabia raised official selling prices for all crude grades sold to Asia and the US by up to 80 cents from the previous month.

US Chief Medical Advisor Anthony Fauci said that the risks of the Omicron variant may have been exaggerated, noting that may be less dangerous than Delta.

The dollar index rose against a basket of major currencies by 0.2% to 96.3 points as of 17:49 GMT, after hitting a high of 96.3 points and a low of 96.1 points.

As of 17:44 GMT, WTI January futures rose 3.2% to $68.4 a barrel.

Brent February futures rose 3.1% to $72.02 a barrel.