Oil prices surge as investors weigh rising Omicron infection numbers on the one hand against signs that the newest variant causes symptoms less severe than earlier strains on the other hand, reports Reuters.

A barrel of European reference oil Brent trades for USD 76.42 Monday morning against USD 75.88 Friday early afternoon. US counterpart WTI sells concurrently for USD 73.25 against 73.09.

Daily Omicron infection numbers have now exceeded those of the Delta variant wave, while China is experiencing its highest level of contagion since January.

Oil market players have been keeping their eyes on a planned sale of crude from Japan's strategic reserves.

This release comes as a part of Tokyo's plans to sell oil in coordination with petroleum-exporting nations, and additional sales could follow as energy markets are monitored, according to a civil servant from the country's ministry of commerce.

Rising oil prices have encountered considerable headwind in recent months as investors assess Omicron's effect on demand.

At the same time, OPEC+ has continued to increase supply, and the US has taken the lead in a coordinated release of crude from its strategic reserves.

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Oil continues gain despite Omicron measures after US inventories fell beyond forecast