Global oil prices declined this Monday, in light of the increasing infection rates due to the new Omicron variant, in addition to its effects on the global economy and fuel demand.
Brent crude futures fell 38 cents, or 0.46%, to $81.37 a barrel, while the US West Texas Intermediate crude futures fell 34 cents, or 0.43%, to $78.56 a barrel.
According to the AFP tally released on Saturday, the world recorded more than two million daily COVID-19 cases on average for the period from January 1 to 7, with figures doubling in 10 days.
New global case numbers have soared by 270% since the highly contagious Omicron variant was identified in South Africa in late November, according to the same source.
Recently, the International Energy Agency (IEA) said that it expects oil supply to top demand, following increasing worries among countries about the rapid surge of the Omicron variant.
“The surge in new COVID-19 cases is expected to temporarily slow, but not upend the recovery in oil demand that is underway,” according to the IEA’s monthly oil report.
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