Crude oil prices fall as rapid spread of new omega virus affects oil demand outlook
SINGAPORE: Crude oil prices fell more than 2 percent on Monday as rising new omega virus cases in Europe and the United States prompted investors to worry about new restrictions on businesses to fight. The spread of this new virus could affect oil demand. According to Reuters.
British Brent crude was down $ 1.92, or 2.6 percent, at $ 71.6 a barrel, while US WTI crude was down $ 2.09, Reuters reported. At 3 percent to $ 68.77 a barrel.
Kelvin Wong, market analyst at CMC Markets, said: “In Asia today, [investors' negative sentiment] on crude prices appears to be in line with the decline in S&P futures contracts. 500 and the Nasdaq.
"[This factor is] due to fears of tightening economic activity to curb the spread of the current omega-3 virus in the world, which could increase the risk of declining demand," he said. "
The Netherlands closed the country on Sunday, and the possibility of further measures to prevent Kovid-19 before Christmas and New Year came to some European countries.
On Sunday, U.S. health officials urged Americans to get their doses, wear masks and be careful if they travel during the winter holidays as the omega virus strikes around the world.
Meanwhile, US energy companies this week launched more oil and natural gas, the opening of two more consecutive oil and gas operations.
Reuters reports that oil exports from Russia are expected to be lower, with plans to export only 56.05 million tonnes in the first quarter of 2022, up from 58%. 3 million tons in the fourth quarter of 2021.
Credit: Cambodia
