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Oil extends gains above USD 70 on signs Omicron concerns overdone

Concerns of the Omicron variant have abated, leading oil futures to close 5 percent higher on Monday. The optimism will be "highly susceptible to even hints of the Omicron's destructive power", according to analyst.

Photo: RICHARD CARSON/REUTERS / X01366

Oil extended gains on optimism the omicron virus variant may not be as bad as anticipated, easing concern over the demand outlook.

Futures in New York advanced above USD 70 after closing almost 5 percent higher on Monday. Initial data shows that the surge in Omicron cases hasn't overwhelmed hospitals so far, but some nations have still implemented restrictions on travel that's expected to crimp jet fuel demand. Meanwhile, companies lodged bids Monday for crude set to be released from the US strategic reserve.

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