Oil prices increased steadily on Monday, with Brent crude up by 0.1% to USD75.21 a barrel, and WTI also gained 0.1% to USD71.76 a barrel.
Both benchmarks recorded gains of about 8% in recent days, but new concerns about the Omicron variant to be impacting oil prices negatively.
According to recent data released by the UK Health Security Agency on Friday, vaccine efficacy with only two shots was substantially decreased against Omicron, demanding a third shot in order to boost protection by more than 70%, which will weigh on Oil prices.
Previously, after South Africa’s new variant detection, many countries have imposed stricter measures to avoid its spread, following WHO’s description of the new variant as a highly transmissible virus of concern.
As a result of countries’ health restrictions, Fuel stocks rose by 6.6 million barrels, according to data, leading to an abundant supply and less demand as well as a noticeable drop in terms of gains.
“The major oil contracts registered decent weekly gains, but it is noticeable that current prices are still way below the pre-Omicron levels,” said Tama Varga, oil analyst at London brokerage PVM Oil associates.
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