Oil Rebounds on Speculation OPEC+ May Pause Output Raise

Oil prices rebounded on Monday as investors looked for bargains after Friday's slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.
Brent crude futures climbed $3.11, or 4.3%, to $75.83 a barrel, after falling $9.50 on Friday. WTI crude was up $3.47, or 5.1%, at $71.62 a barrel, having tumbled $10.24 in the previous session, Reuters reported.
Oil prices plunged more than 10% on Friday - their biggest one-day drop since April 2020 - as the new variant spooked investors across financial markets. 
There are worries the new variant could derail the global economic recovery, potentially hurting oil demand, while it has also added to concerns that a supply surplus could swell in the first quarter.
"We saw some correction as the Friday's plunge in oil prices has been overdone," said Tatsufumi Okoshi, a senior economist at Nomura Securities.
"If the market falls further, OPEC+ may pause the planned increase of crude production to support prices," he said.
The Omicron variant spread around the world on Sunday, with new cases found in the Netherlands, Denmark and Australia.