Oil climbed amid broader market gains on reports that early cases of the omicron Covid-19 variant have been fairly mild, easing concern about a possible blow to demand.
West Texas Intermediate rose 4.9% to $69.49 on Monday, a one-week high. Initial data on omicron from South Africa -- the epicenter of the outbreak -- doesn’t show a resulting surge of hospitalizations. Markets across the globe have been roiled since the variant emerged in recent weeks, prompting concerns about a potential hit to the economic rebound.
