In the last two months, crude has seen a range of USD 86 per bbl to USD 65 per bbl on the lower side and now holding at USD 75/bbl.

The US dollar is declining, the Omicron cases are rising but markets do not believe that it would impact travel in a much bigger way and that seems to be a supportive factor here.

Also Read: JPMorgan bullish on crude oil, says prices can scale to $150/barrel

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.