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Oil Advances With Equities as Fears of Omicron Lockdowns Ease

  • Saudi Arabia raised its crude prices to Asia, U.S. in January
  • WTI futures trade near $69 following sixth weekly drop
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OPEC+ Pause or Cut Possible Next Month, Says Oil Analyst Sen
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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.