Oil prices fell to $ 74 a barrel on Tuesday morning, after the International Energy Agency (IEA) said the new Omicron variant of the coronavirus would hit the recovery in global demand, as supplies are headed for an increase next year.
At 09:57 GMT, crude oil futures Brent lost 24 cents, or 0.32%, to $ 74.15 per barrel, while the futures of the West Texas Intermediate (WTI) in the United States fell 27 cents, or 0.38%, to $ 71.02.
“It is expected that the increase in new cases of Covid-19 slow down temporarily, but do not put an end to the recovery in oil demand that is underway, “the Paris-based IEA said in its monthly oil report.
The increase in Covid-19 cases and the appearance of the variant Omicron They will affect global oil demand, the International Energy Agency said Tuesday, but the bigger picture is of an improvement in production that will exceed demand this month and skyrocket next year.
Governments around the world – including the UK and Norway more recently – restrictions have been tightened to stop the spread of Omicron variant.
The IEA lowered its forecast for oil demand this year and next by 100,000 barrels per day, mostly due to the expected impact on jet fuel use in the face of new travel restrictions.
The Organization of Petroleum Exporting Countries (OPEC) on Monday raised its forecast for world oil demand for the first quarter of 2022 and stuck to its schedule for a return to pre-pandemic levels of oil use, saying omicron will have a mild and brief impact.
Reference-www.eleconomista.com.mx