Global oil prices on December 20 morning fell by 2% or more on uncertainty in demand for crude due to the situation unfolding around omicron variant of coronavirus, reported from the auction data.

The price of February futures for Brent crude fell 2.57%, to $71.63 per barrel, while the price of January futures for WTI crude declined 3.09%, to $68.67 per barrel.

According to the World Health Organization (WHO), the overall global risk associated with the spread of the omicron variant is assessed as ‘very high,’ and the likelihood of its further spread throughout the world is also high. This can cause more quarantine restrictions, which will inevitably affect the prospects for the global economy and demand for crude, negatively affecting the cost of oil.

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