Oil rose on Monday, briefly hitting highs above $ 77 a barrel, as some investors called Friday’s slide in oil and financial markets exaggerated in the absence of more data on the Omicron variant of the coronavirus.
If the new variant of the coronavirus turns out to be resistant to vaccines or more contagious than others, it could affect travel, trade and the demand for oil.
High-ranking officials of the Organization of the Petroleum Exporting Countries (OPEC) and his allies, a group known as OPEC +, echoed this view, and the Saudi energy minister was quoted as saying he was not concerned about the omicron variant.
The World Health Organization (WHO) has said it could take weeks to know the severity of the variant, although a South African doctor who has treated cases said symptoms appeared to be mild so far.
The Brent it rose 72 cents, or 1%, to $ 73.44 a barrel after falling $ 9.50 on Friday. American crude West Texas Intermediate (WTI) gained $ 1.8, or 2.64%, to $ 59.95, after sinking $ 10.24 in the previous session.
The Brent It briefly surpassed $ 77 a barrel, while US crude traded above $ 72.
The prices of the Brent they have given up $ 10 in the last two weeks.
“If the market is correct, our math implies that the market is pricing 3.94 million barrels a day of demand destruction over the next month,” said Michael Tran, analyst at RBC Capital Markets. “If that seems excessive, trust your instincts.”
Ómicron has created a new challenge for the OPEC +, which meets on December 2 to discuss whether to proceed with an increase in oil production expected for January. The group has postponed technical meetings this week to buy time and assess the impact.