Omicron Presses Oil Demand

Crude oil futures are closing lower on Friday (Dec. 17) as concerns about the spread of the Omicron coronavirus (COVID-19) continue to circulate in the market.

  • WTI crude futures fell 2.1% to close at $70.86 a barrel.
  • Brent crude futures fell 2% to close at $73.52 a barrel.

Here, the IEA has issued a warning that the spread of the Omicron covid-19 virus will affect oil demand.

Global oil markets are facing oversupply, and these conditions will worsen early next year given the spread of the COVID-19 virus of the Omicron strain in international travel.

The World Health Organization (WHO) notes that preliminary evidence suggests that the Covid-19 vaccine may be less effective in preventing infection and the spread of Omicron strains. Previously, some mainstream media outlets had reported that a third vaccination would be very effective. This has confused market participants.

In one study, three of Sinofarm’s 13 full-dose vaccines were able to produce antibodies to Omicron, while Johnson & Johnson’s vaccine provided immunity in only one out of 12. Of the 11 Sputnik vaccines, none was immune, including Pfizer/Biontech, Moderna and AstraZeneca, which also showed low antibodies.

The Spot Market is Closed

Saturday, December 18, 2021

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
10.35

70.29

-2.09

-2.89%

Leave a Reply

Change Language
%d bloggers like this: