Oil rebounds on speculation OPEC+ may pause output increase

A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant

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TOKYO, Nov 29 (Reuters) – Oil prices rebounded on Monday as investors looked for bargains after Friday’s slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant.

Prices jumped over 4%, recovering some ground after plunging more than 10% in the previous trading session. On Friday, oil prices posted their biggest one-day drop since April 2020 as the new variant spooked investors across financial markets.

Brent crude futures climbed $3.17, or…