TECHNOCRAT MEDIA
Crude oil prices fell by 4 percent on Monday as the cases of the Omicron coronavirus variant rise in Europe and the United States.
TheCable says Brent crude shows the global benchmark, dropped by $3, or 4%, to $70.58 a barrel by 11:00 GMT+1 while U.S. West Texas Intermediate (WTI) crude futures fell $3.1 or 4.4%, to $67 a barrel.
The US Center for Disease Control and Prevention said the Omicron variant of COVID-19 will become the “dominant strain” in the coming weeks says over the weekend.
According to the World Health Organisation (WHO), Omicron cases are rising at doubling every 1.5 to 3 days with documented spread.
According to market analysts, they said the new cases could pose new restrictions on businesses and hit fuel demand across the world.
