Oil depreciates amid growing concern about demand

The present week began on the oil trading with a decline in quotations. At 7.28 Moscow time, Brent crude barrel was traded at $71 63 cents, which is 2.57% below the closing price of the prior trading session. The cost of a barrel of WTI oil fell to $68 67 cents or 3.09%. Investor sentiment was influenced by the WHO’s announcement of the elevated risks associated with the rapid spread of the new coronavirus strain omicron around the globe. With this development of the circumstance, many governments will begin to tighten quarantine restrictions, which will hinder the oil demand growth. The Austrian authorities have already introduced the regulations for the country entering. The UK has recorded a record number of coronavirus infection cases per day. The United States is also seeing another escalation in disease. Anthony Fauci, the country’s top infectious disease specialist, said the number of omicron infections in the United States would skyrocket in the coming weeks. This will put additional strain on the health care system. Many Americans are likely to trench their travel plans for the holidays.

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Arseny Kudrin

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