The crude ended Tuesday’s trading session with a negative sign as fears intensify that the new coronavirus’s micron mutation will negatively affect the economic recovery, while affecting demand.
The list of governments forced to return to tougher measures to stem the pandemic is growing as the weather cools, increasing the virus’s infectivity. At the same time, the micron mutation is on the rise, alerting state authorities.
The International Energy Agency has downgraded its forecast for supply in 2022 from non-OPEC producers by 100,000 barrels per day and its forecast for demand by the same amount, amid estimates that the jump in cases because of the micron will hit the global recovery.
Against this background, the January delivery contract fell 56 cents, or 0.8%, to close at $ 70.73 a barrel on the New York Mercantile Exchange. This is the lowest level since December 6th.
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