WTI Drops Below $70 on Demand Concerns

WTI oil prices fell from $70 per barrel this morning. Market participants remain concerned that the spread of the COVID-19 virus Omicron will affect global oil consumption.

WTI crude futures fell 94 cents, or 1.34% at $69.36 a barrel.
BRENT crude futures fell 79 cents, or 1.08%, at $72.19 a barrel.

WTI oil prices have come under pressure due to concerns about the impact of the Omicron virus. The latest research from Imperial College London (ICL) shows that the risk of new infection with Omicron variant coronavirus is five times more common than the Delta variant. However, infection with Omicron virus is reported to be less severe than Delta infection.

President Biden said in a speech that the death toll among the unvaccinated is expected to rise this winter. If he is referring to the new Omicron variant, this seems to be inconsistent with the results of various studies, which say that Omicron causes mainly mild reactions.

WHO said omicron cases have been detected in 89 countries so far and estimate that omicron cases will double every day for every one and a half to three days if an outbreak occurs in the United States.

Meanwhile, the IEA has warned that the Omicron outbreak will affect international travel and global oil demand.

The Spot Market is Open

Monday, December 20, 2021

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
09.00

69.42

-1.44

-2.03%

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