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11/29/2021, 12:16 PM (Source: TeleTrader)
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Oil prices rebound 5% after massive sell-off

The prices of crude oil started recovering on Monday from a massive sell-off sparked by the detection of a new Omicron coronavirus strain that prompted governments to impose travel bans over the past week.

While the World Health Organization warned people might have a higher risk of reinfecting with this coronavirus variant compared to known mutations, South African scientist Angelique Coetzee insisted the mutation causes mild COVID-19 symptoms.

West Texas Intermediate (WTI) for settlements in January jumped by 5.17% to sell for $71.68 per barrel at 6:11 am ET, while Brent for deliveries in the same month soared by 4.66% to go for $76.11 a barrel.

Baha Breaking the News (BBN) / ND