Brent crude oil rose 1.3% to $79.64 per barrel, or $1.04 by 1119 GMT. U.S. West Texas Intermediate crude (WTI), rose $1.15 or 1.5% to $76.72.
Brent crude oil traded at $80 per barrel on Tuesday, despite rapid spread of Omicron coronavirus variant. This was supported by supply shortages and expectations that U.S. inventories will fall this week.
Brent crude oil rose 1.3% to $79.64 per barrel, or $1.04 by 1119 GMT. U.S. West Texas Intermediate crude (WTI), rose $1.15 or 1.5% to $76.72.
Both contracts were at their highest point in a single month.
Giovanni Staunovo, UBS oil analyst, stated that support comes from the high aggregated production interruptions in Ecuador and Libya as well as the expectation of a large drop in U.S. crude inventory.
Three oil producers declared force majeures on a portion of their oil production due to maintenance issues and shutting down oilfields.