Oil rebounds above $76 on speculation virus fear overrated

Arab News | Nov 29, 2021 at 8:22 PM
  • LONDON: Oil rebounded by more than 5 percent on Monday to above $76 a barrel as some investors viewed Friday’s slump in oil and financial markets as overdone while the world awaits more data on the omicron coronavirus variant.
  • Brent crude was up $3.66, or 5 percent, at $76.38 a barrel by 1444 GMT, having slid by $9.50 on Friday.
  • A semblance of calm also returned to wider markets on Monday as investors awaited more information about the new variant.