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Reports in South Africa said Omicron cases there had only shown
mild symptoms and the top U.S. infectious disease official told
CNN "it does not look like there's a great degree of severity"
so far.
Brent crude gained $1.85, or 2.7%, to $71.73 by 1135 GMT while
U.S. West Texas Intermediate crude advanced $1.92, or 2.9%, to
$68.18. Both benchmarks feel for a sixth week in a row last
week.
"If Omicron is proven over the coming days - or weeks - to be
less aggressive, even if it is more contagious, then we can say
100% last week's lows were the bargain of the quarter," said
Jeffrey Halley, an analyst at brokerage OANDA.
The easing of Omicron fears boosted European equities and safer
havens like bonds gave up some recent gains. [MKTS/GLOB]
Brent has risen 38% this year, supported by output curbs led by
the Organization of the Petroleum Exporting Countries and
allies, known as OPEC+, and recovering demand, although it has
fallen from a three-year high above $86 in October.
OPEC+ decided last week to continue increasing monthly supply by
400,000 barrels per day in January, even after a slide in prices
driven by Omicron concerns.
On Sunday, Saudi Arabia raised January official selling prices
for all crude grades sold to Asia and the United States by up to
80 cents from the previous month.
Oil was also buoyed by diminishing prospects of a rise in
Iranian oil exports after indirect U.S.-Iranian talks on saving
the 2015 Iran nuclear deal broke off last week.
(Additional reporting by Florence Tan; Editing by Louise Heavens
and Edmud Blair)
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