Oil jumps about 5%, driven by hopes that Omicron fears will...

Oil prices jumped nearly 5% today, driven by hopes that the mutated Omicron strain of the Corona virus will be less harmful to the economy if its symptoms prove to be mostly mild and with members of the Organization of Petroleum Exporting Countries expressing confidence in the market.

Some concerns about Omicron subsided after a South African health official said the new strain was causing mild symptoms, while the chief infectious disease expert in the United States, Anthony Fauci, said the new mutation did not “appear to be of a significant severity” yet.

Brent crude futures rose $3.20, or 4.6%, to settle at $73.08 a barrel.

US West Texas Intermediate crude futures were not less fortunate than the previous one, as they also rose $3.23, or 4.9%, to $66.49 a barrel upon settlement.

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