Oil rose in tandem with equity markets as investors weighed the rapid spread of omicron against signs it may be milder than previous variants.West Texas Intermediate futures closed 2.4% higher on Monday, trading above $75 a barrel for the first time in a month amid a light volume session. Daily omicron infections in the U.S. surpassed those in the delta wave, while China posted the highest number of cases since January. Thousands of flight cancellations in the U.S. stemming from airline-employee illnesses were a reminder that the more infectious Covid variant could still wreak havoc.Despite the omicron spread and airline cancellations, mobility numbers were strong over the holiday, said John Kilduff, founding partner at Again Capital LLC. The strong economic activity has played into a “rebound in petroleum demand, which we saw this morning.”
Load More
Load More