Brent crude futures fall in limited trading after a three-day rally...

Oil prices fell Friday in limited trading during the Christmas holiday after a three-day rally, as investors tried to estimate the impact of the coronavirus pandemic on demand.

Brent crude futures fell 29 cents, or 0.4%, to $76.56 a barrel, after rising 2.1% in the previous session.

Despite this, the benchmark is still on its way to record a weekly gain of about 4%.

And markets in the United States are closed today, Friday, for the Christmas holiday.

Oil prices rebounded this week as concerns eased about the impact of the highly contagious mutant Omicron on the global economy, as preliminary data indicated that it causes milder symptoms.

Omicron and restrictions

And infections with the Corona virus increased significantly wherever the mutator spread, prompting many countries to impose new restrictions.

United Airlines and Delta Air Lines announced the cancellation of dozens of flights on Christmas Eve, with the presence of mutant infections among flight crew members and workers.

An increase in the number of rigs in the United States also put pressure on the oil market.

Baker Hughes Energy Services said the number of operating oil and gas rigs rose to its highest level since April 2020 in the latest week.

The total number of rigs reached 586, which predicts an increase in production in the coming months.

These were the details of the news Brent crude futures fall in limited trading after a three-day rally... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Sustainable beauty: Capturing a rising demand for conscious living

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]