Crude oil futures fell overnight (Dec. 1) after cases of the Omicron variant were reported in the United States. This has led investors to worry about the impact on the economy and oil demand.
- WTI crude futures were down 61 cents, or 0.9%, at $65.57 a barrel.
- BRENT crude futures were down 36 cents, or 0.5%, at $68.87 a barrel.
Both crude oil contracts closed lower after news of the discovery of the first Omicron cases in the United States yesterday (December 1). It worried investors, as a new outbreak of the Omicron virus could affect economic activity and oil demand.
The oil market is also under pressure from the EIA report, as U.S. crude inventories fell to just 910,000 barrels last week.
Gasoline inventories rose 4 million barrels and refined oil inventories, including heating oil and diesel, rose 2.2 million barrels last week.
Investors are watching the OPEC+ meetings today (December 2). There is speculation that OPEC+ may suspend production in January 2022 to cope with falling demand and to counter the actions of the United States.
The Spot Market is Open
Thursday, December 2, 2021