Surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand
Melbourne — Oil prices dipped on Friday, putting the market on track to end the week roughly unchanged, as surging cases of the Omicron coronavirus variant raised fears new curbs may hit fuel demand, while a weaker dollar supported commodity markets broadly.Brent crude futures fell 11 cents, or 0.2%, to $74.91 a barrel.
In Denmark, SA and the UK , the number of new Omicron cases has been doubling every two days. Denmark’s Prime Minister Mette Frederiksen on Thursday warned the government may impose further curbs to limit the spread of Omicron. “Crude continues to face significant headwinds from the Omicron variant, with the demand outlook for early next year taking a hit, but Opec+ stands ready to act should the situation necessitate which will continue to backstop prices for now,” Oanda analyst Craig Erlam said in a note.
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