Oil Trims Weekly Gain as Thin Trading Volumes Boost Volatility By Bloomberg

Oil Trims Weekly Gain as Thin Trading Volumes Boost Volatility By Bloomberg
Oil Trims Weekly Gain as Thin Trading Volumes Boost Volatility By Bloomberg© Reuters. Oil Trims Weekly Gain as Thin Trading Volumes Boost Volatility

(Bloomberg) — fell as as trading volumes thinned moving into the holiday period, but was still heading for a weekly gain on signs that the omicron variant of the virus may be less severe than previous strains.

Futures in London slipped 0.5% toward $76 a barrel on Friday. While omicron has led to some travel restrictions and surging infections, a U.K. health agency said the variant was less likely to lead to hospitalizations, compared with the delta strain. The market has been susceptible to greater volatility and wild price swings this week due to lower trading volumes.

Oil is heading for a yearly gain after a robust rebound from the pandemic but the rally has faltered recently, in part due to concerns about omicron. There…

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