Oil prices slumped more than 3% on Monday as surging cases of Omicron stoked investor worries that new mobility restrictions to combat its spread could hit fuel demand
Oil prices slumped more than 3% as surging cases of Omicron fuelled worries that new restrictions to combat its spread could hit demandLondon — Oil prices slumped more than 3% on Monday as surging cases of the Omicron coronavirus variant in Europe and the US stoked investor worries that new mobility restrictions to combat its spread could hit fuel demand.
“Simply put, it is not a case of if but when governments impose tougher restrictions,” said Stephen Brennock of broker PVM in a report. The Netherlands went into lockdown on Sunday and the possibility of more Covid-19 restrictions being imposed ahead of the Christmas and New Year holidays loomed over several European countries.
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