Oil futures rose on Monday, with U.S. prices marking a modest rebound from the more than 13% decline seen on Friday as traders eye developments tied to the omicron coronavirus variant and how it might hurt economic activity and demand for oil. Price-wise for oil, “it’s possible that the kneejerk reaction to omicron is overdone,” said Ipek Ozkardeskaya, senior analyst at Swissquote, in an earlier note. “If, however the news gets worse, we shall see a further slide below the $70 mark, but the downside should be limited as the worsening omicron news would also revive the expectation of tighter OPEC supply.” On the New York Mercantile Exchange, January West Texas Intermediate crude CLF22, -2.43% settled at $69.95 a barrel, up $1.80, or 2.6%, on Monday, following Friday’s loss of 13.1%.
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