Prices of crude oil drop in wake of rise in Omicron cases

With an increase in the number of cases of Omicron variant of the coronavirus pandemic, prices of crude oil in the international market have come down, reported 24NewsHD TV channel on Monday.

On the other hand, there are growing fears in the investors that business activities in the world will shrink significantly following the imposition of fresh Covid-19 related restrictions in the West, particularly in the European countries.

Only in the Asian market, the crude oil’s prices have dropped by more than three per cent, while in the USA the rate has come down by $2.70 to reach $68.17 per barrel.  

Similarly, Benchmark London Brent Oil has become cheaper by $2.40 to reach $71.12 per barrel; hence registering a drop by 3.26 per cent.

Reporter: Ashraf Khan