Oil rebounds to $76 on speculation Omicron-related drop overdone

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.

While the World Health Organisation has warned that understanding the variant’s severity could take time running into weeks, a South African doctor who has treated cases said symptoms of the variant were so far mild.

Brent crude was $3.41, or 4.7%, higher at $76.13 by 0920 GMT, after sliding $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude was up $3.07, or 4.5%, at $71.22, having tumbled $10.24 in the previous session.