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Brent crude futures rose 40 cents, or 0.5%, to $76.22 a barrel, adding to a similar gain on Wednesday. Markets were buoyed by comments from BioNTech and Pfizer that a three-shot course of their COVID-19 vaccine may protect against infection from the Omicron variant.
“Early indications of the Omicron variant …suggest that it may be less severe than initially feared given hospitalisation rates have not surged,” Commonwealth Bank commodities analyst Vivek Dhar said in a note.
“A third vaccine dose is also showing promising signs of protection against the new variant,” he said.