Energy

Oil jumps 5%, recouping some losses following worst day of the year

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Oil derrick pumps operate at the Inglewood Oil Field in Culver City, California, on Sunday, July 11, 2021.

Kyle Grillot | Bloomberg | Getty Images

Oil prices jumped on Monday as traders bet that Friday’s sharp sell-off, prompted by fears that the new omicron Covid variant will curb demand for petroleum products, was overdone.

West Texas Intermediate crude futures, the U.S. oil benchmark, gained $3.31, or 5.3%, to trade at $71.48 per barrel at about 8:15 a.m. on Wall Street. The move puts the contract back above $70, after it broke below that key level on Friday.

WTI tumbled 13% on Friday for its worst day since April 2020, and also closed below its 200-day moving average — a…



Source cnbc.com

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