WTI crude futures rebounded 5% towards $72 per barrel on Monday, as traders covered shorts amid speculations of an aggressive response from OPEC+ to counter downward price pressures from the Omicron. Oil prices crashed more than 10% on Friday as the new variant added to concerns over a projected inflated crude surplus early next year. OPEC+ already moved its meeting from Tuesday to Thursday to give themselves more time to evaluate the impact of Omicron on the global economy and fuel demand, with markets speculating on a potential output cut instead of the planned production increase. Meanwhile, talks on reviving the 2015 Iran nuclear deal will resume on Monday in Vienna, but analysts doubt that a breakthrough can be made with the US due to Iran’s atomic advances.