LAST UPDATE: 15.30
Oil prices plunged on Monday after a week of losses, with fears of a possible drop in crude demand amid a rapid spread of the Omicron mutation leading to new restrictive measures in many countries.
Many U.S. companies have canceled their planned festivities and are urging their employees to return to teleworking, with the country reporting more than 120,000 new cases a day, up 40 percent from two weeks ago, according to with the New York Times.
U.S. health officials on Sunday urged citizens to boost their covid-19 vaccine, wear masks and be careful when traveling during the winter holidays as the Omicron mutation spreads around the world and is expected to to dominate in the US as well.
In Europe, from Sunday the Netherlands is in lockdown mode until at least January 14, while from today only German citizens, permanent residents and transit passengers will be allowed to enter Germany from the United Kingdom, while all incoming travelers should be quarantined for 14 days, regardless of vaccination. Travel restrictions were also imposed on arrivals from Denmark, Norway and France.
At the same time, Great Britain is recording a record number of negative cases, with several scientists calling for a lockdown before Christmas.
The above developments rekindle the unpleasant memories of 2020, with lockdowns and travel bans, which caused the collapse of the oil market.
“Concerns about Omicron are exacerbating the potential for reduced travel and transportation,” Edward Meir, an analyst at ED&F Man Capital Markets, said in a note to the company’s customers on Friday, adding that “the spread of the new variant is unbelievable.” , as (s.s. cases) double every two days in some countries “.
In this climate, the January delivery contract for West Texas Intermediate it fell on Monday by $ 2.97 or 4.2% to $ 67.77 a barrel.
The picture is similar for his February delivery contract Brent, which loses $ 2.69 or 3.6% to reach $ 70.85 a barrel.
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I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
