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·                        OPEC postponses technical meetings to evaluate Omicron impact -sources

OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices, according to OPEC+ sources and documents.

 

Oil prices crashed together with other financial markets on Friday by more than 10%, their largest one-day drop since April 2020, as the new variant spooked investors and added to concerns that a supply surplus could swell in the first quarter.

 

·                        Oil rebounds on speculation OPEC+ may pause output increase

Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.

 

Brent crude futures climbed $3.11, or 4.3%, to $75.83 a barrel by 0355 GMT, after falling $9.50 on Friday.

 

U.S. West Texas Intermediate (WTI) crude was up $3.47, or 5.1%, at $71.62 a barrel, having tumbled $10.24 in the previous session.

 

Oil prices plunged more than 10% on Friday - their biggest one-day drop since April 2020 -- as the new variant spooked investors across financial markets.

 

There are worries the new variant could derail the global economic recovery, potentially hurting oil demand, while it has also added to concerns that a supply surplus could swell in the first quarter.

 

Reference: Reuters