Brent crude futures fell 43 cents, or 0.6 percent, to $73.27 a barrel by 0215 GMT, after losing 69 cents on Tuesday.
US West Texas crude futures were not better than the previous one, as they also fell 52 cents, equivalent to 0.7 percent, to $ 70.21 a barrel. It had fallen 56 cents in the previous session.
According to “Reuters”, the International Energy Agency said yesterday, Tuesday, that an increase in cases of Covid-19 infection with the emergence of Omicron will weaken oil demand at a time when production is expected to increase, especially in the United States, indicating that supply will exceed demand until the end of the year. Next to say the least.
However, OPEC on Monday raised its forecast for global oil demand for the first quarter of 2022 and stuck to its timetable for a return to pre-pandemic levels, saying Omicron will have a slight and short impact.
On: Wednesday – December 15, 2021
Oil prices fell today for a third day on mounting expectations that supply growth will outpace demand growth next year, even though the spread of the Omicron strain has not led to restrictions as severe as those imposed when other strains of the Corona virus emerged.
Brent crude futures fell 43 cents, or 0.6 percent, to $73.27 a barrel by 0215 GMT, after losing 69 cents on Tuesday.
US West Texas crude futures were not better than the previous one, as they also fell 52 cents, equivalent to 0.7 percent, to $ 70.21 a barrel. It had fallen 56 cents in the previous session.
According to “Reuters”, the International Energy Agency said yesterday, Tuesday, that an increase in cases of Covid-19 infection with the emergence of Omicron will weaken oil demand at a time when production is expected to increase, especially in the United States, indicating that supply will exceed demand until the end of the year. Next to say the least.
However, OPEC on Monday raised its forecast for global oil demand for the first quarter of 2022 and stuck to its timetable for a return to pre-pandemic levels, saying Omicron will have a slight and short impact.
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