The bad news came on Monday (December 20th) amid widespread outbreaks of the new type of corona, Omicron, in Europe and the United States. – Reuters
Meanwhile, frustration has grown among investors over the imposition of new restrictions on the movement to prevent infection. It is feared that this may reduce the demand for fuel.
Craig Erlam, a senior market analyst at OANDA, said oil prices had taken another hit when countries were considering imposing sanctions and lockdowns. This does not indicate that the demand for crude oil will increase in the first quarter of the year.
Read more: Lotus fuel oil prices in the international market
The Netherlands imposed strict sanctions on Sunday. A number of European countries are also considering imposing restrictions ahead of Christmas and New Year.