29.11. Oil and currencies rebound from chaos caused by new Covid strain, but analysts expect high volatility

News for today, November 29:

Oil prices rebounded on Monday as investors started buying more oil after Friday's slump, as well as on speculation that OPEC + could halt output increase in response to the spread of the Omicron strain. Oil prices fell more than 10% on Friday, the largest one-day drop since April 2020, as the new strain worried investors. Today, oil prices recovered by more than $ 3 per barrel, partially offsetting Friday's drop. At the same time, bonds and the yen lost ground as markets relied on the hope that the new strain would not cause too much damage.

Forex markets in Asia also calmed down on Monday after the shock last week when the Omicron was first discovered. However, analysts warned more volatility was likely to come. European stock markets are expected to open higher on Monday, compensating some of Friday's losses as investors reassess the potential damage Omicron could cause to the world’s economy. In terms of cryptocurrencies, bitcoin surged to around $ 57,400, continuing to recover from a 1.5-month low of $ 53,308.93 hit on Sunday.

The price of Brent crude is $ 75.98 per barrel, WTI — $ 71.57. EUR/USD is at 1.1268, GBP/USD — 1.3330, gold is at $ 1,795.92 per ounce.­­­­