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Oil Prices Rise Sharply Again After Omicron Shock

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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