Oil prices stabilized on Monday, clawing back some of their losses after a new variant of the coronavirus fueled crude’s worst trading session since April 2020.
U.S. crude ended the day up 2.6% at $69.95 a barrel after previously rising as much as 6.9%, rebounding alongside stocks and other commodities following a Friday selloff driven by the new Omicron variant of the coronavirus. Oil fell 13% on Friday but is still up about 45% for the year.
