Crude's 12-13% crash on Friday as markets were spooked by news of a new highly mutated variant was overdone, factoring in the worst-case scenario. It presents a buying opportunity.
Information on the omicron variant is still thin. The South African doctor who first flagged the mutant strain said over the weekend that the fear is unjustified, symptoms are "mild".
OPEC+ may now consider a pause in its monthly output increments or even a deeper cut, which will be supportive of crude.
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