After rising, oil prices fall to the red zone


Oil prices fell today, Wednesday, after they had risen during the past two sessions, as concerns eased about the impact of the Corona virus “Omicron” on global fuel demand.

Brent crude futures fell 0.13% to $75.34 a barrel, by 09:20 Moscow time. After it had recorded an increase of 3.2% yesterday.

Meanwhile, US West Texas Intermediate crude futures decreased by 0.32% to $71.82 a barrel, and the contracts had risen by 3.2% in the previous session.

Oil prices fell last week amid fears that available vaccines would be less effective in resisting the new mutant “Omicron”, which raised fears that governments would resort to re-imposing restrictions to limit its spread, which could harm global growth and demand for oil.

But a South African health official said at the weekend that the Omicron cases there were mild, and Anthony Fauci, the top US infectious disease official, said “there doesn’t seem to be a significant degree of severity” in symptoms so far.

In another sign of confidence in the strength of oil demand, Saudi Arabia raised its official selling price on Sunday.

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