Oil prices rebound towards $72 on Omicron hopes, Iran talks

Oil climbed by $2 a barrel towards $72 on Monday on hopes the Omicron coronavirus variant would have a less damaging economic impact if its symptoms proved mostly mild and as the prospect of an imminent rise in Iranian oil exports receded.

Reports in South Africa said Omicron cases there had only shown mild symptoms and the top U.S. infectious disease official told CNN “it does not look like there’s a great degree of severity” so far.

Brent crude gained $1.85, or 2.7%, to $71.73 by 1135 GMT while U.S. West Texas Intermediate crude advanced $1.92, or 2.9%, to $68.18. Both benchmarks feel for a sixth week in a row last week.