Oil prices have fallen too much and bought in, and bulls still need to be wary of future market worries

On Monday (November 29) before the New York market, international oil prices rebounded, Brent crude oil rose nearly 5%, back to around
$75 / barrel.
Investors looked for dip buying opportunities after Friday's plunge and speculated that OPEC+ could pause production
increases.
Some investors believe that oil and financial markets plunged excessively on Friday due to concerns about the Omicron variant
.
However, Russian officials said there was no need for urgent action in the market, a statement that downplayed the possibility of changes to the
OPEC+ oil agreement.

Oil prices rebounded amid speculation that Omicron-related declines were excessive

On Friday, crude prices posted their biggest one-day drop since April 2020 as investors worried that virus containment measures such as travel bans would dampen demand
.
Still, some investors believe Friday's plunge in oil and financial markets over concerns about the Omicron variant was excessive
.
Although the World Health Organization (WHO) has warned that it could take weeks to understand the severity of the variant, South African doctors who first detected the new strain say the symptoms of the variant have been mild
so far.

Tatsufumi Okoshi, senior economist at Nomura Securities, said: "We saw some pullbacks
due to Friday's oil price plunge excessively.
"

Jeffrey Halley of OANDA said: "I can't help but feel that if you're an oil buyer, whether speculative or physical, Friday's low could be the dip of the year
.
"

The market is closely watching the progress of the Omicron variant and expects that the updated vaccine is expected to control the strain

Earlier this month, South African scientists first identified the new coronavirus strain called Omicron and in countries such as Canada, the Netherlands and Australia
.
Scientists say the Omicron strain could make it more contagious, reduce the effectiveness of the vaccine or increase the risk
of people who have previously been infected with the new crown getting sick again.

Vaccine manufacturers are assessing the dangers and potential effects of the new variant and are already trying to develop ways
to combat it.
So far, the new variant appears to have produced fewer severe cases, which investors see as a positive sign
.

Economists at Morgan Stanley Asia said the economy could be hit harder
for countries such as Japan, South Korea and Singapore that have begun to adopt strategies to catch the virus.
They added that the new variant could put more strain
on their healthcare system.

Casanova said that if vaccine manufacturers can calm investor sentiment by updating vaccines to help fight Omicron, investors in the United States and Europe may be able to skip the current volatility and refocus on the Fed's efforts to tighten monetary stimulus
.

Russian officials downplayed the possibility of OPEC+ action, and the oil price market still faces two major concerns

The emergence of Omicron poses new challenges for OPEC+, which will meet this week to set policy
.
The group has postponed this week's technical meeting to buy time to assess Omicron's impact
on demand.

Russian Deputy Prime Minister Alexander Novak said Monday that Russia did not see the need for urgent action against the oil market over the new Omicron variant, downplaying the possibility of
changes to OPEC's oil supply agreement this week.
OPEC+ will hold an online meeting this week to decide on oil production policy
.
Sources said on Friday that OPEC+ was watching developments
related to Omicron.

Novak said: "We have to monitor and observe
carefully.
There is no need to rush into a decision
.
Nevertheless, we will further discuss with OPEC+ countries the market situation and whether any action
is needed.
"In order to address this issue in more detail, the JMMC meeting was postponed to get more information, including information
about new virus strains," Novak added.

The JMMC online meeting, originally scheduled for November 30, will be postponed to December 2, the same day as the OPEC+ ministerial meeting
.
This week's meeting will discuss the output
for January.
OPEC+ has rejected U.
S.
calls to increase oil production to lower prices, continuing to phase out last year's record production restrictions, adding 400,000 barrels per month since
August.

Oil prices rose on Monday in response to the spread
of new variables.
Novak said OPEC+ was not asking for a renegotiation
of the current deal.
Before Friday, OPEC+ sources said the group had not discussed suspending its January production increase
.
Iraq said on Thursday that OPEC+ should stick to its plan
.

Also of concern to oil markets this week is that negotiations on reviving the Iran nuclear deal will resume
this week.
If a deal is reached, the deal could increase global oil supplies
.