Oil hits two-week high

Last week, Brent appreciated by almost 10 percent when the market shed risk aversion and concerns about the Omicron variant.

BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

Oil trades higher Monday morning as the market shows little concern about the Omicron variant hampering the global economic rebound.

At the same time, economists predict that China will provide economic stimulus, reports Bloomberg News.

A barrel of European reference oil Brent trades Monday morning for USD 76.09 against 74.90 Friday afternoon. US counterpart West Texas Intermediate sells concurrently for USD 72.71 against USD 71.48 Friday afternoon.

Last week, Brent value surged by nearly 10 percent when the market dialed up its appetite for risk and tossed aside concerns about the severity of Omicron on economic growth.

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