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.





These were the details of the news Oil jumps about 5%, driven by hopes that Omicron fears will... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Closing Bell: Saudi benchmark index continues its upward momentum
NEXT US Fed holds key rate steady for fourth straight meeting

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]