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Oil prices rose Monday as the market kicked off 2022 on a positive note, although concerns over demand waning due to rapidly spreading Covid-19 pandemic limited gains. Brent crude added 67 cents, or 0.86 per cent, to $78.45 a barrel, as of 5.32 am. US West Texas Intermediate crude futures gained 77 cents, or 1.02 per cent, to $75.98 a barrel. Last year, oil prices rose around 50 per cent, spurred by the global economic recovery from the Covid-19 pandemic slump and producer restraint, even as infections reached record highs worldwide.
