The prices of crude oil started recovering on Monday from a massive sell-off sparked by the detection of a new Omicron coronavirus strain that prompted governments to impose travel bans over the past week. While the World Health Organization warned people might have a higher risk of reinfecting with this coronavirus variant compared to known mutations, South African scientist Angelique Coetzee insisted the mutation causes mild COVID-19 symptoms. West Texas Intermediate (WTI) for settlements in January jumped by 5.17% to sell for $71.68 per barrel at 6:11 am ET, while Brent for deliveries in the same month soared by 4.66% to go for $76.11 a barrel.
US up premarket, Dow jumps 200 points
Equities on Wall Street traded higher in the premarket session on Monday, following last week’s massive sell-off triggered by fresh coronavirus concerns. Some states have already declared states of emergency over the variant, which officials indicated may be more transmissible than other strains. The Dow Jones jumped over 200 points, to settle for a gain of 0.50% at 4:22 am ET. At the same time, the Nasdaq 100 increased 1.11%. The S&P 500 rose 0.75% a minute later. The euro traded 0.34% lower against the dollar to change hands for $1.12867 at 4:23 am ET. NN: This will be a choppy week. With Thurday OPEC meeting and Fridays unemployment report.