Why Was Oil Impacted So Much by the Omicron Variant?

As the news of the new Covid-19 omicron variant spread, no market was hit harder than crude oil, which tumbled over 10%. However, the selling pressure may have been exacerbated by hedging moves from investors who had, prior to news of variant, been betting on oil surging to around $100 a barrel. Here’s the story behind the options machinations that roiled oil markets during the past week. Presented by @cmegroup: https://www.cmegroup.com/openmarkets/quicktake-by-bloomberg.html?utm_source=youtube&utm_medium=paid_social&utm_campaign=quicktake_econ&utm_content=more_insights

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