Oil Prices Slide by More Than 3% on Rapid Omicron Spread in Europe, US

“Both crude markers are taking a sharp dive as the new week gets underway amid the prospect of a bigger than expected Omicron-spurred dent to global demand,” says Stephen Brennock of broker PVM in a report.

Noah Browning, Reuters

Oil prices slumped more than 3% on Dec. 20 as surging cases of the Omicron coronavirus variant in Europe and the U.S. stoked investor worries that new mobility restrictions to combat its spread could hit fuel demand.

Brent crude futures fell $2.42, or 3.2%, to $71.10/bbl by 1005 GMT while WTI crude futures in the U.S. were down $2.79, or 3.9%, at $68.07.

“Simply put, it is not a case of if but when governments impose tougher restrictions,” said Stephen Brennock of broker PVM in a report.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access