The Daily Times Newspaper

Oil Prices Rise Sharply Again After Omicron Shock

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Oil prices rose sharply again on Monday, after diving into the deep last Friday after concerns about the new Omicron variant of the coronavirus.

 

By 11:30 a.m., the price for a barrel of North Sea Brent oil, the European reference, had risen 4.13 percent to $75.72.

In New York, the American West Texas Intermediate (WTI) oil price had also risen by 4.67 percent to $ 71.33 per barrel.

Both crude oil benchmarks were down more than 10 percent last Friday on the disturbing news of a new corona variant discovered in South Africa.

This so-called ‘Omicron shock’ ensured that the price increases of the past two months were reversed in one fell swoop.

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