WASHINGTON (dpa-AFX) - Oil prices plunged over 3 percent on Monday amid worries that a rapid surge in Omicron Covid-19 cases would stall economic growth and dent fuel demand.
Several countries are imposing stricter rules for travelers to combat a rising wave of infections, increasing the risk of demand slowdown.
Brent crude futures for February delivery fell 3.3 percent to $71.13 per barrel in European trade, while U.S. West Texas Intermediate (WTI) crude futures for January delivery were down 3.8 percent at $68.14.
Europe's biggest countries are weighing more curbs to fight a surge in Covid-19 infections ahead of the Christmas and New Year's holidays. In the United States, New York State broke a record for new infections for a third straight day.
An effective shutdown of the U.S. is probably unnecessary, though hospitals will be tested by the expected rush of Omicron cases, Anthony Fauci, who leads the National Institute of Allergy and Infectious Diseases, said.
Meanwhile, U.S. energy firms last week added oil and natural gas rigs for a second week in a row.
The oil and gas rig count, an early indicator of future output, rose by three to 579 in the week to Dec. 17, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
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