Oil trades lower Monday, giving back a portion of last week's rebound, as worries over the spread of the omicron variant of the coronavirus that causes...
Oil futures traded lower Monday, giving back a portion of last week’s rebound, as worries over the spread of the omicron variant of the coronavirus that causes COVID-19 cast some uncertainty over the outlook for demand.
West Texas Intermediate crude for January delivery CL00, -0.27% CLF22, -0.27% fell 71 cents, or 1%, to $70.96 a barrel on the New York Mercantile Exchange. February Brent crude BRN00, -0.32% BRNG22, -0.32%, the global benchmark, declined 72 cents, or 1%, to $74.43 a barrel on ICE Futures Europe. U.K. Prime Minister Boris Johnson on Sunday warned that Britain faces a “tidal wave” of infections from the omicron variant, announcing an increase in booster vaccinations to strengthen defenses against it.
In its monthly report, OPEC shifted some expected demand from the current quarter to early 2022 as a result of the omicron spread, but left its outlook for oil-demand growth in 2021 and 2022 unchanged.
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