Oil down on Omicron restrictions and China fears | Reuters
Oil prices fell on Thursday after measures by some governments to slow the spread of the Omicron coronavirus variant and a ratings downgrade for two Chinese property developers that stoked fears over the economic health of the world's biggest oil importer.
Brent crude futures fell $1, or 1.3%, to $74.82 a barrel by 1310 GMT after touching a peak of $76.70. U.S. West Texas Intermediate (WTI) crude futures fell 92 cents, or 1.3%, to $71.44 after a session high of $73.34.
"Although laboratory tests showed that the Pfizer vaccine has a neutralising effect on Omicron ... new measures are being introduced to try to stop the spread of the virus," said Tamas Varga of oil brokerage PVM.
British Prime Minister Boris Johnson imposed tougher COVID-19 restrictions in England on Wednesday, saying people should work from home where possible and wear masks in public places and show COVID-19 vaccine passes for entry to certain events and venues. read more
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