Saudi Aramco: Oil Markets Overreacted To Omicron Fears

The oil market’s knee-jerk reaction to the new Omicron COVID variant on Friday was overblown, according to the CEO of the world’s largest oil company and biggest oil exporter. The market overacted on Friday, Saudi Aramco’s chief executive Amin Nasser said, Saudi-owned Al Arabiya TV reported. Oil prices collapsed by more than 11 percent on Friday amid low liquidity in a festive long U.S. weekend, after news broke about a heavily mutated little-researched new coronavirus variant detected in South Africa. Equity markets globally…