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…