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Oil rebounds as investors go bargain-hunting after slump

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Brent crude futures climbed 4.3% to $75.83 a barrel and West Texas Intermediate crude was up 5.1% at $71.62 a barrel

Tokyo — Oil prices rebounded on Monday as investors looked for bargains after Friday’s slump and on speculation that Opec+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.

Oil prices plunged more than 10% on Friday — their biggest one-day drop since April 2020 — as the new variant spooked investors across financial markets. “If the market falls further, Opec+ may pause the planned increase of crude production to support prices,” he said. The top US infectious disease official, Anthony Fauci, told President Joe Biden on Sunday it will take about two weeks to have definitive information on the Omicron.

 

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