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TheCable

Oil price falls to $70 a barrel amid surge in Omicron COVID-19 variant cases

Oil price falls to $70 a barrel amid surge in Omicron COVID-19 variant cases
December 20
11:06 2021

Crude oil prices fell by 4 percent on Monday over rising cases of the Omicron coronavirus variant in Europe and the United States.

Brent crude futures, the global benchmark, dropped by $3, or 4%, to $70.58 a barrel by 11:00 GMT+1 — the lowest since April 2021. The U.S. West Texas Intermediate (WTI) crude futures fell $3.1 or 4.4%, to $67 a barrel.

Over the weekend, the US Center for Disease Control and Prevention said the Omicron variant of COVID-19 will become the “dominant strain” in the coming weeks.

The World Health Organisation (WHO) had said Omicron cases are doubling every 1.5 to 3 days with documented spread.

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Market analysts believed that the new cases could pose new restrictions on businesses and hit fuel demand.

On Friday, TheCable had reported that oil price fell to $73 a barrel amid increasing cases of Omicron Variant.

The Organisation of the Petroleum Exporting Countries, Russia, and allies, known as OPEC+, had said there could be a meeting ahead of its scheduled January meeting to review its plans to add 400,000 barrels per day to its supply in January.

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