Omicron Dampens Fuel Demand, Prices Drop By Investing.com

Omicron Dampens Fuel Demand, Prices Drop By Investing.com
Omicron Dampens Fuel Demand, Prices Drop By Investing.com© Reuters.

By David Ho

Investing.com – Oil prices slipped on Monday morning in Asia as the in Europe and the United States kept investors on their toes with worries that fuel demand will slow if new restrictions on businesses are rolled out.

fell 1.69% to $71.75 by 10:56 PM ET (3:56 AM GMT) and fell 2.78% to $68.89.

“Today’s Asia … weak sentiment in oil prices seems to go in line with a weakness seen in the and ,” said Kelvin Wong, market analyst at CMC Markets.

“(This is) due to fears of impending restrictions on economic activities to contain the current increasing spread of the COVID-19 Omicron variant worldwide which may increase the risk of demand slowdown.”

The Netherlands went into lockdown over the weekend. Several European countries are likely to impose more COVID-19 restrictions ahead of the…

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