Oil: Returned from two-week highs with losses of 2%

Oil price gains break, which fell on Thursday after a three-day uptrend, falling from a two-week high yesterday.

“Uncertainty about the Omicron mutation and concerns about declining demand for crude oil have disrupted the ‘black gold’ rally,” said Edward Moya, an Oanda analyst. with Pfizer and BioNTech announcing the results of a week-long study showing that a third dose of Pfizer vaccine kills the micron, but a Bloomberg report said , 2 times more contagious in its initial stage than Delta.

In this climate of uncertainty and with coronavirus outbreaks re-emerging in various parts of the world, some countries have already reintroduced restrictive measures to address the spread of the virus. The new restrictions have put pressure on energy demand and the price of crude.

Despite speculation that the new mutation may not be as damaging to oil demand markets, “more and more countries are reinstating restrictions and other measures to address the outbreak,” said Louise Dickson, an analyst at Rystad Energy. This development raises “fears that the world market may be adversely affected and thus create an unfavorable environment for oil prices.”

In the meantime, his performance 10-year government bond of the USA falls by one basis point to 1.49%, while the dollar is up 0.4% according to the ICE US Dollar index.

Thus, the West Texas Intermediate January delivery fell $ 1.42, or 2%, to settle at $ 70.94 a barrel on the New York Mercantile Exchange.

The Brent oil February delivery slipped $ 1.40, or almost 1.9%, to settle at $ 74.42 a barrel on ICE Futures Europe. Today’s losses were the first for Brent since the December 1 meeting, according to the Dow Jones Market Data.