Surging cases of Omicron in Europe and the US stoked investor worries that new curbs on businesses to combat its spread may hit fuel demand
Singapore — Oil prices slumped by more than 2% on Monday as surging cases of the Omicron coronavirus variant in Europe and the US stoked investor worries that new restrictions on businesses to combat its spread may hit fuel demand.
“Today’s Asia ... weak sentiment in oil prices seems to go in line with a weakness seen in the S&P 500 and Nasdaq 100 e-mini futures,” said Kelvin Wong, market analyst at CMC Markets. 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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