Omicron Variant Rattles Oil Markets But Impact Unclear

The Omicron coronavirus variant caused oil prices to plunge more than 10% on Nov. 26, but recovered some of those losses on Nov. 29, standing up nearly 5% on the day.

Florence Tan, Heekyong Yang and Noah Browning, Reuters

The Omicron coronavirus variant kicked oil prices lower late last week and has sapped refining margins, but with crude futures rallying on Nov. 29, the impact could be limited.

Governments worldwide have imposed curbs on travelers to try limit the spread of Omicron, first detected in southern Africa, as scientists race to determine the level of risk.

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