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Falling oil prices
- Time: 12/20/2021 08:35:16
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{Economic: Al Furat News} Oil prices fell more than 3 percent on Monday, as the rise in cases of the Omicron mutant in Europe and the United States led to investor fears that new restrictions on companies to combat its spread could harm demand for fuel.
Brent crude futures fell $2.21, or 3.01%, to $71.32 a barrel by 05:11 GMT, while US West Texas Intermediate crude futures fell $2.47, or 3.50%, to $68.36 a barrel.
The Netherlands went into lockdown on Sunday, and the prospect of more COVID-19 restrictions looming before the Christmas and New Year holidays looms over many European countries.
On Sunday, US health officials urged Americans to get booster doses, wear masks and be careful if they travel during the winter holidays, as the Omicron species has spread worldwide and is set to take over the dominant strain in the United States.
Meanwhile, US energy companies this week added oil and natural gas rigs for the second week in a row.
Energy services firm Baker Hughes said the number of oil and gas rigs, an early indicator of future production, rose by three to 579 in the week ending December 17, the highest level since April 2020.
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{Economic: Al Furat News} Oil prices fell more than 3 percent on Monday, as the rise in cases of the Omicron mutant in Europe and the United States led to investor fears that new restrictions on companies to combat its spread could harm demand for fuel.
Brent crude futures fell $2.21, or 3.01%, to $71.32 a barrel by 05:11 GMT, while US West Texas Intermediate crude futures fell $2.47, or 3.50%, to $68.36 a barrel.
The Netherlands went into lockdown on Sunday, and the prospect of more COVID-19 restrictions looming before the Christmas and New Year holidays looms over many European countries.
On Sunday, US health officials urged Americans to get booster doses, wear masks and be careful if they travel during the winter holidays, as the Omicron species has spread worldwide and is set to take over the dominant strain in the United States.
Meanwhile, US energy companies this week added oil and natural gas rigs for the second week in a row.
Energy services firm Baker Hughes said the number of oil and gas rigs, an early indicator of future production, rose by three to 579 in the week ending December 17, the highest level since April 2020.
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