Oil Rises to Monthly High as Markets Withstand Rising Infections
- Virus spreading in U.S.; China has most cases since January
- WTI trading above $75 a barrel in light trading session
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Oil rose in tandem with equity markets as investors weighed the rapid spread of omicron against signs it may be milder than previous variants.
West Texas Intermediate futures closed 2.4% higher on Monday, trading above $75 a barrel for the first time in a month amid a light volume session. Daily omicron infections in the U.S. surpassed those in the delta wave, while China posted the highest number of cases since January. Thousands of flight cancellations in the U.S. stemming from airline-employee illnesses were a reminder that the more infectious Covid variant could still wreak havoc.