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.





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