Oil prices leap nearly 5% after rout on Friday

Oil prices leap nearly 5% after rout on Friday

2021-11-29 01:56:00 PM

Oil prices leap nearly 5% after rout on Friday

Oil posted its biggest one-day drop since April 2020 as investors travel bans would dampen demand

Alex LawlerPicture: REUTERSLondon — Oil rebounded 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 (WHO) has warned that understanding the variant's severity could take time running into weeks, an SA doctor who has treated cases said symptoms of the variant were so far mild.

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Brent crude was $3.41, or 4.7%, higher at $76.13 by 9.20am GMT, after sliding $9.50 on Friday. US West Texas Intermediate (WTI) crude was up $3.07, or 4.5%, at $71.22, 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.

European shares also rebounded on Monday, while safe haven bonds lost ground. Crude posted its biggest one-day drop since April 2020 on Friday as investors feared virus containment measures like travel bans would dampen demand.“I can’t help but feel that Friday’s lows were probably the bargain of the year if you were an oil buyer, speculative or physical,” said Jeffrey Halley of brokerage Oanda. headtopics.com

Japan said on Monday it would close its borders to foreigners, as the world’s third-largest economy joined Israel in taking the toughest measures against the variant.The emergence of Omicron has created a new challenge for Opec+, which is due to meet this week to set policy.

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The group has postponed technical meetings this week to gain time to assess Omicron's impact on demand, but Russia said it sees no need for urgent action on the market, downplaying possibility of changes to the Opec+ oil deal.Also on the oil market’s radar this week, talks on reviving the 2015 Iran nuclear accord, that could add to global supply if a deal is reached, are resuming on Monday.

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Oil tanks 10% on demand fears over new COVID-19 variantWorld oil prices slumped more than 10 percent, slammed by demand fear after the emergence of a new variant of COVID-19.

Virus variant sends Middle East stocks into nosedive after oil slumpsBrent crude loses almost 12% on concern Omicron will crimp air travel and usher in more lockdowns

Oil rebounds as investors go bargain-hunting after slumpBrent crude futures climbed 4.3% to $75.83 a barrel and West Texas Intermediate crude was up 5.1% at $71.62 a barrel For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Arnoldnike93 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success⚖️

JSE faces muted Asian markets on Monday as investors eye OmicronOil prices recovered 4%, but concerns that Covid-19 will persist have been pummelling global markets since Friday For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Arnoldnike93 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success⚖️

US stock futures at vanguard of global markets’ rally amid Omicron jittersOil prices bounce more than $3 a barrel to recoup some of Friday’s losses as safe-haven bonds and the yen lose ground For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Arnoldnike93 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success⚖️