Oil gains over 3% on hopes Omicron-dip overdone; questions raised on market rigging

Oil gains over 3% on hopes Omicron-dip overdone; questions raised on market rigging

On Monday, both US and UK crude oil futures’ prices gained as much as 3 per cent with UK crude briefly breaching $77 per barrel, as investors appeared to have stomached a havoc-scale pandemic-related dip in previous session and decided to cling on to a ‘wait and see’ approach.

Apart from that, soothing remarks from S. African doctors who were treating Omicron cases alongside comments from Kremlin and Riyadh had helped calm investors’ angsts following more than a 12.0 per cent plunge in both benchmarks last week.

In point of fact, earlier in the day, Chair of S. African Medical Association, Angelique Coetzee, a General Physician, was quoted saying that she had been treating Omicron cases since November 15 and most patients were aged below 40 and unvaccinated, while patients having infected with Omicron variant have had ‘very mild symptoms’ and did not require hospital admissions, which eventually raised prospects that the newly identified variant would unlikely to be as serious as delta that often require hospitalization in elderly and unvaccinated patients.







Besides, the S. African doctors’ quote also had raised questions on whether anonymous blue-whales had acted purposefully to engineer a