Oil prices rose more than 2 per cent on Monday to the highest level since late November on hopes that the Omicron coronavirus variant will have a limited impact on global demand in 2022, even as surging cases caused flight cancellations.
Global benchmark Brent crude rose $2.46, or 3.2 per cent, to settle at $78.60 a barrel. US West Texas Intermediate (WTI) crude rose $1.78, or 2.4 per cent, to settle at $75.57 a barrel. The US market was closed on Friday for a holiday.
Both benchmarks rose on Monday to the highest since Nov. 26. On that day, oil plunged by more than 10 per cent when reports of a new variant first appeared. The benchmarks gained last week after early data suggested that Omicron could cause a milder level of illness.
