Oil prices bounce back after omicron market rout - live updates

EU banks demand access to City markets in blow for Brussels FTSE 100 crashed 3.6pc amid Omicron fears Matthew Lynn: Brussels’ bid to standardise its rules is a gift to the City Sign up here for our daily business briefing newsletter Oil prices have rebounded sharply after last week’s market rout as investors take stock of the new omicron Covid variant. Global shares went into freefall on Friday amid fears about the new, potentially vaccine-resistant strain of the virus, with the FTSE crashing 3.6pc. Benchmark oil suffered double-digit losses as dealers fretted over the impact on demand if new lockdowns are imposed. But on Monday West Texas Intermediate rose more than 5pc, while Brent crude was up 4pc to back above $75 a barrel. While Asian markets continued their slide overnight, the FTSE is set to stage a moderate recovery, though all focus will be on badly-hit travel and leisure stocks.

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