Oil rebounded by 6% on Monday to $76 a barrel as some investors viewed Friday's slump in oil and financial markets on concern about the Omicron coronavirus variant as overdone.
Brent crude was $4.07, or 5.7%, higher at $75.66, after sliding $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude was up $4.52, or 6.6%, at $72.67, having tumbled $10.24 in the previous session.
Oil stocks climbed as oil price surged.Caron,Occidental,Halliburton,Marathon,Schlumberger,Continental Energy,Royal Dutch Shell,ConocoPhillips,Exxon Mobil and Chevron climbed between 2% and 6%.
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