Just when the world started to embrace some normalcy in terms of the global economy and social mobility, a new variant from South Africa, technically called B.1.1.529 and named Omicron, has emerged as policy-makers, politicians, and investors brace themselves for yet another wave of Coronavirus-related restrictions
Oil prices rose more than 3% on Wednesday, recouping a big chunk of the previous session’s steep losses, as major producers prepared to discuss how to respond to the threat of a hit to fuel demand from the Omicron variant of the coronavirus
Crude oil could soar to $125 per barrel next year and $150 in 2023 due to OPEC’s limited capacity to boost production
Oil market participants appear to agree that the price collapse on Friday was an overreaction, with the prices climbing by more than 5% on Monday morning
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
Oil prices have jumped more than 50% year-to-date, hitting multi-year highs as demand outstripped supply
The US has said it is releasing 50 million barrels of oil from its reserves in an attempt to bring down soaring energy and petrol prices