Oil prices facing a weekly losses

Economy

17-12-2021, 12:49

+A -A

Baghdad-INA

Oil prices fell today, heading towards a weekly loss, with the increase in infections with the new Omicron mutant from the Corona virus, which reinforced fears of imposing new restrictions that may negatively affect the demand for fuel.

Brent crude futures fell 0.8 percent to $74.43 a barrel. West Texas Intermediate crude futures fell 0.9 percent to $71.71 a barrel.

Brent is heading towards a loss of one percent this week, while it appears that West Texas Intermediate crude will end the week stable.

The number of Omicron infections doubled in Denmark, South Africa and the United Kingdom in just two days. On Thursday, Denmark's prime minister warned that the government could impose further restrictions to curb the Omicron outbreak.

In the United States, the rapid spread of the mutation has led some companies to halt plans to return their employees to the workplace.

The "OPEC +" group said that it may meet before the scheduled date on January 4, 2022, if changes in demand expectations necessitate a review of its plan to increase supplies by 400,000 barrels per day next January.

Source: Reuters