Oil rebounds to $76 on speculation Omicron-related drop overdone | Reuters
Oil rebounded by almost 5% on Monday to $76 a barrel as some investors viewed Friday's slump in oil and financial markets on concern about the Omicron coronavirus variant as overdone.
The World Health Organisation has said it could take weeks to understand the variant's severity, although a South African doctor who has treated cases said symptoms so far seemed to be mild. read more
Brent crude was $3.24, or 4.5%, higher at $75.96 by 1047 GMT, after sliding $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude was up $3.12, or 4.6%, at $71.27, having tumbled $10.24 in the previous session.
"We saw some correction as Friday's plunge in oil prices has been overdone," said Tatsufumi Okoshi, senior economist at Nomura Securities.
No comments:
Post a Comment