Crude oil prices rebounded after a sharp plunge last Friday due to market concerns over the discovery of a new Covid-19 variant, the Omicron.
Brent crude futures were up more than 4% at around $ 75 a barrel, while US WTI trading was up more than 5% at $ 71.80 a barrel.
Both of those benchmarks had fallen more than 10% at the end of last week’s trading, making it the biggest fall since April 2020.
The World Health Organization (WHO), however, says that it is still unclear whether Omicron is more contagious or dangerous than other variants, but classifies it as a ‘concern’.
Over the weekend, the Netherlands, Denmark and Australia have reported several cases of Omicron infection have been detected.
Meanwhile, in addition to the United States and the UK, more countries around the world have taken swift steps to tighten restrictions on the border from South Africa.
OPEC+ also postponed a monitoring committee meeting with its ministers to Thursday, to give them time to assess the impact of the Omicron variant on oil demand and prices.
