The increase in prices by the de facto head of the Organization of the Petroleum Exporting Countries, one of the biggest oil producers in the world, come as nuclear disarmament negotiations between Iran and the U.S., have reached an impasse, which diminish the likelihood of Tehran delivering a glut of oil to the global market in the near term.

Both developments are bullish for oil prices and suggest that demand and supply in the coming months may help support higher prices.

Oil values also have seen some stabilization as OPEC and its allies, a group known as OPEC+, last Thursday, displayed some confidence in the prospects for crude uptake, agreeing to rollover a current production policy and raise monthly overall output by 400,000 barrels per day in January, while deciding not to adjourn a key meeting to allow for further shifts in policy if needed.

Read: OPEC+ takes unusual tack by keeping existing production policy, while leaving meeting ‘in session’

Against that backdrop, West Texas Intermediate crude for January delivery
CLF22,
+2.97%

CL00,
+2.97%
was trading $1.94, or 2.9%, higher at $68.20 a barrel on the New York Mercantile Exchange, after the U.S. benchmark produced a weekly loss of 2.8% on Friday.

February Brent crude
BRNG22,
+2.88%

BRN00,
+2.88%,
the global benchmark, rose $1.98, or 2.9%, to reach $71.87 a barrel on ICE Futures Europe, following a 2.4% weekly decline for Brent, based on the front-month contract.

Both WTI and Brent have notched six straight weekly declines, marking the longest such streak since 2018.

Monday’s action “comes on the back of last week’s decision by the OPEC+ cartel to maintain the increases in production for January, despite uncertainty over demand due to the emergence of the Omicron variant,” wrote Ricardo Evangelista, senior analyst at ActivTrades, in a daily research note.

“However, today’s gains should not be interpreted as the beginning of a rally in prices, as uncertainty over the impact of the new virus variant on economic activity will cap the scope for further rises,” the analyst wrote.

Crude has been under pressure, amid the new omicron variant because it is seen as a potential hit to global demand, driving down prices.

Recent reports have cause some cause for optimism about the new strain’s potential impact on the economy. The U.S.’s top medical adviser Anthony Fauci said that omicron didn’t appear to produce a “great deal of severity” in cases, aligning with some early research that indicate that infections tend to be milder compared against other variants.

Dr. Anthony Fauci, President Joe Biden’s chief medical adviser gave a reassuring update on the omicron on CNN’s “State of the Union” over the weekend. “Thus far, it does not look like there’s a great degree of severity to it,” he said. “But we have really got to be careful before we make any determinations that it is less severe or it really doesn’t cause any severe illness, comparable to delta.”

As the holiday season continues to gather momentum and people prepare to gather for Christmas, the Biden administration tightened travel measures, making it mandatory for international travelers arriving into the U.S. to have a 24-hour negative COVID-19 viral test. The federal mask mandate on public transport, and in airports and train stations, is extended through March 18.

But there are millions of vaccine holdouts. Just shy of 60% of the U.S. population —or 190 million people — are vaccinated and 23% have received a booster shot, according to the Centers for Disease Control and Prevention. Research shows that Pfizer-BioNTech
PFE,
+2.32%

BNTX,
+3.17%
and Moderna
MRNA,
+1.73%
boosters offer more antibodies, but Johnson & Johnson
JNJ,
+1.46%
boosters still improve immunity.

Unvaccinated Americans should take precautions for themselves, and others. Vaccine holdouts should be acutely aware that the virus is looking for ways to mutate and survive — one route is through the unvaccinated. Unvaccinated are five times more likely to get COVID-19 compared with fully vaccinated 35-64 year-olds, according to the Washington State Department of Health.

1. Get tested before a family gathering

Some people are asking, “Should I visit family?” Whether you’re worried about the delta or omicron or both, COVID-19 does not rest because you deserve a night out. “Small gathering guidance might be more appropriate for social gatherings that are more intimate with close friends and family, such as small holiday parties, family dinners, and small special celebrations,” according to the CDC.

Experts recommend testing on the day before visiting elderly parents. Prices for home testing kits typically range from $7 per test (or $14 for two) to $38.99 per test, according to KFF, a nonprofit that researches national health issues. Biden said they will be covered by health insurance, but paying for the upfront costs for these tests on a regular basis could be cost-prohibitive for many Americans.

President Joe Biden wants to make at-home COVID-19 testing kits widely available—and free — this winter as the Omicron variant emerges. “The bottom line: This winter, you will be able to test for free in the comfort of your home and have some peace of mind,” Biden said last week, unveiling a plan that also includes tighter testing timelines for international travelers entering the country.

2. Wear a face mask and social distance

Multiple studies have concluded that cloth face masks have helped reduce contagion by reducing droplets being sprayed into the air during flu season; another Japanese-based study says this works when paired with vaccination. It may also be that they work in a certain amount of cases, and/or just wearing them also helps to promote social distancing, and other healthy behaviors.

This study also says N95 medical-grade masks do help filter viruses that are larger than 0.1 micrometers (One micrometer, um, is one millionth of a meter.) The coronavirus is 0.125 um. “These products can help block large droplets expelled by the wearer, but also have been shown to have efficacy at filtering smaller particles and are designed to fit tightly to the face,” it said.

Keeping a distance of six feet or more in well-ventilated public spaces, while also wearing a mask, can also help prevent the spread of the virus. New research from scientists at the University of Cambridge, published in the journal Physics of Fluids, concluded that the six-feet rule is somewhat arbitrary, and there is no sudden drop-off point after six feet. The more space between individuals, the better.

“Even if I expel the same number of droplets every time I cough, because the flow is turbulent, there are fluctuations,” according to Professor Epaminondas Mastorakos from the university’s Department of Engineering, who led the research. “If I’m coughing, fluctuations in velocity, temperature and humidity mean that the amount someone gets at the two-meter mark can be very different each time.”

3. High-risk and unvaccinated should be extra careful

Those who are at high risk of falling seriously ill from COVID-19 should take care, especially with the emergence of the delta and omicron variants. That includes people who have respiratory illnesses such as asthma, COPD, emphysema and bronchitis; those with other immunocompromised illnesses such as HIV; people with diabetes and high blood pressure, and people over 60.

High-risk groups should definitely get a booster shot six months after their last shot, if they have already been vaccinated. In fact, before the Thanksgiving travel surge last month, the Biden administration decided to allow COVID-19 booster shots to all adults aged 18 or over, regardless of any underlying conditions, and singled out people 50 and older to get a booster shot.

Some people are steadfastly against vaccination: They don’t trust the CDC, or they hold out for religious, ideological or even political reasons. As one reader told MarketWatch about his parents: “They refuse to get vaccinated against COVID-19. Even losing our uncle to COVID has done nothing to convince them. They’ve even said they’d rather quit their jobs and lose everything than get vaccinated!”

See: The record-breaking $200 million fight to preserve the gig economy

In an interview with MarketWatch, DoorDash President Christopher Payne said the employee model makes sense for this new offering, but reiterated that the company continues to believe in the independent-contractor model for the majority of its delivery workers.

For ultra-fast delivery, “it’s a tight radius — the prep and pick time is very short,” he said. “Couriers will [also] be doing picking, stocking, customer service. That’s a difference from what we do on the Dashing side.”

DoorDash delivery workers, which the company calls Dashers, pick up food and other goods from restaurants and stores and are paid per delivery, not by the hour. Couriers for the new ultra-fast offering will be paid hourly, starting at $15 an hour, not including tips.

Payne acknowledged that “some of the Dashers we know want more work like this, they want employment. We feel like this will be a good option.”

See: How gig companies are seeking to rewrite states’ labor laws

DoorDash is joining a group of companies offering urban delivery in 15 minutes or less that includes GoPuff, Buyk, Jokr and Getir, some of which also directly employ their couriers. Instacart, the grocery-delivery app, also is considering a foray into faster deliveries, according to a recent report by the Information. Instacart said it had no comment on the report.

DoorDash will use micro-fulfillment centers it calls DashMarts as hubs for the faster deliveries. The company first opened DashMarts last year and now has 25 of them across the country, including the Chelsea DashMart. They carry more than 2,000 items, the company said, including fresh and frozen groceries, local products, snacks, and more.

For DashPass customers who pay $9.99 a month, the ultra-fast offering will have no additional cost for orders of at least $12. For non-subscribers, Payne said fees will be as low as $1.49 per delivery, highlighting affordability as one of the main reasons DoorDash is confident it can stand out in a field that’s growing more crowded every day.

In-depth: The pandemic has more than doubled food-delivery apps’ business. Now what?

A new DoorDash business called DashCorps employs the couriers directly and is in the process of hiring more couriers — some of them former Dashers, according to the company — for future ultra-fast delivery locations that will be announced in the coming weeks and months, the company said.

A mix of 60 part-time and full-time employees per location will have a set schedule and be eligible for some benefits, and those who work at least 30 hours a week will be eligible for health benefits, a company spokeswoman said.

In addition, DoorDash couriers will be provided with Zoomo e-bikes, unlike Dashers, who use their own transportation. Eventually, Payne said the company intends to have those couriers — who will be using a new, specific app — deliver goods from other merchant partners, such as bodegas and other grocery stores.

DoorDash stock has risen about 11% year to date, while the S&P 500 Index
SPX,
-0.84%
is about 21% higher so far this year.

The dealmaking duo, who previously held senior roles at Goldman Sachs and Morgan Stanley before launching their own boutique advisory firm in 2013, unveiled plans for Odyssey earlier this year, stating that it would target high-growth healthcare and technology companies and list on the Amsterdam stock exchange, which has so far been at the centre of European Spac activity.

BenevolentAI uses technology in the discovery of new drugs and has around 300 scientists and technologists working at the firm, which was established in 2013.

Michael Zaoui said in a statement that Odyssey was established to bring European healthcare and technology companies to the capital markets and that BenevolentAI is at the “convergence of these two sectors”.

Michael Zaoui serves as chair of Odyssey, with Yoël co-chief executive alongside former Natixis investment management boss Jean Raby.

Spac IPOs worth a combined $3.6bn have been raised in the Amsterdam exchange so far this year, according to data provider Dealogic, far ahead of other European cities. The UK has lagged other markets, but recent changes to listing rules are expected to result in more Spacs choosing London.

A £150m Spac from technology-focused venture capital firm, Hambro Perks, in November was the first such listing since the review of UK capital markets by Lord Hill earlier this year. Before this, just $432m was raised by Spacs in the UK in 2021.

Goldman Sachs advised BenevolentAI on the deal, while JPMorgan worked with the Zaoui’s Odyssey Acquisition firm. The two banks have pulled away from rivals at the top of the Spac IPO advisory rankings this year, according to Dealogic.

This story originally appeared at FNLondon.com

What are yields doing?

• The 10-year Treasury note
  TMUBMUSD10Y,
  1.391%
  yields 1.394%, up from 1.342% at 3 p.m. Eastern Time on Friday, which was its lowest rate since Sept. 22.

• The 2-year Treasury note
  TMUBMUSD02Y,
  0.623%
  rate stands at 0.623%, up from 0.589% at the end of last week.

• The 30-year Treasury bond’s yield
  TMUBMUSD30Y,
  1.716%
  was at 1.721%, gaining from 1.675% on Friday afternoon, when it touched its lowest yield since Jan. 4.

What’s driving the market?

Concerns about omicron have driven long-dated yields lower but the compression of the Treasury curve, the differential between long-dated yields and shorter-dated ones, has continued to reflect concerns about the longer-term outlook for the economy as it tries to claw back from the COVID pandemic.

A more hawkish Fed has, however, been central to the shift in sentiment across Wall Street.

Fed Chairman Jerome Powell and other members of the central bank’s rate-setting committee have suggested, surprising markets, that a faster tapering of the central bank’s monthly asset purchases could be warranted to combat rising intensifying pricing pressures.

Concerns about the Fed making a tactical error in its newfound war against punchy inflation, which could result in the economy falling into a recession, remains one of the chief fears of bearish investors. The Fed is currently in a media blackout until the conclusion of its two-day policy gathering on Dec. 15.

Meanwhile, the U.S.’s top medical adviser Anthony Fauci said that omicron didn’t appear to produce a “great deal of severity” in cases. Questions remain about the effectiveness of the vaccines against omicron, given the number of mutations on the variant’s spike protein, the principal target of most vaccines.

Reports from South Africa, where the strain was first identified and is becoming the dominant strain, suggest that hospitalization rates haven’t increased alarmingly, according to the Associated Press.

Markets wobbled on Friday as the November nonfarm payrolls report showed a weaker-than-expected 210,000 jobs created in the month. The report was viewed as unlikely to knock the central bank from its more hawkish stance because the it contained sufficient pockets of strength to warrant tapering, setting the stage for eventual rate hikes in 2022.

The Fed and markets will likely fixate on one last piece of data before next week’s meeting of the rate-settting Federal Open Market Committee, or FOMC. A consumer price inflation report is due Friday that could draw Wall Street’s attention.

A rebound in oil prices may shift the near-term outlook for inflation, however, with West Texas Intermediate oil
CL.1,
+3.14%,
the U.S. benchmark grade, trading more than 3% higher to start the week. Crude has been under pressure, amid the new variant because it is seen as a potential hit to global demand, driving down prices.

Oil values steadied somewhat as the Organization of the Petroleum Exporting Countries and its allies last Thursday, display some confidence in the prospects for crude, agreeing to rollover a current production policy and raise monthly overall output by 400,000 barrels per day in January, while deciding not to adjourn a key meeting to allow for further shifts in policy if needed.

What strategists are saying

“Markets are in a tough spot, and not coincidental so too is the Fed. The unavoidable tightening of financial conditions with a closing window to get out. Or at least try for the Fed,” wrote Gregory Faranello, head of U.S. rates at AmeriVet Securities, in a Monday note.

Analysts at Citi said Deliveroo would be most impacted by the rule proposal, which the Financial Times reported could be as announced as early as Wednesday. They said Deliveroo’s gross profit would be hit by between 12% and 18%. Delivery Hero’s limited European exposure implied a profit hit of 2% and 3%, and a majority of Just Takeaway’s European riders are already employed, the analysts added.

The broader Stoxx Europe 600
SXXP,
+0.65%
was trading higher on Monday, as oil price gains buoyed energy producers including TotalEnergies
TTE,
+2.78%
and Royal Dutch Shell
RDSB,
+2.31%.