kyiv.Ukraine.Ukraine Gate – December 14,2021- From stock trading data, oil prices are seen to be volatile on Tuesday, December 14th due to investor concerns about demand after the re-imposition of restrictions in Europe and Asia amid the growing coronavirus outbreak.
The price of a barrel of Brent February oil before 9.15 in Kyiv was $ 74.71 (+ 0.43%). A barrel of January WTI oil traded at $ 71.28 (-0.01%). Preliminary bidding for the standards ended at $ 74.39 and $ 71.29, respectively.
The Asian trading session began with falling prices due to new quarantine restrictions in Europe and Asia aimed at curbing the spread of coronavirus.
“COVID seems to be back in business, as the rapidly spreading Omicron strain raises serious concerns about oil demand as countries return to partial or complete lockdown. Even milder restrictions, such as working from home, reduce demand. for oil because people stop going to work, ”said market analyst Fawad Razakzada.
Governments around the world, including the United Kingdom and Norway, have tightened restrictions to stem the spread of Omicron.
At least one person has died in the UK after being infected with the Omicron coronavirus, Prime Minister Boris Johnson said on Monday. This is the world’s first publicly confirmed death from a rapidly spreading strain.
In China, the large manufacturing province of Zhejiang is struggling with its first COVID-19 cluster this year. Tens of thousands of people in quarantine and virus-affected areas are suspending business operations, cutting flights and canceling activities.
The Asian Development Bank on Tuesday cut its growth forecast for Asia this year and next, reflecting the risks and uncertainties posed by the Omicron coronavirus variant, which could also reduce oil demand.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) the day before maintained its forecast for global oil demand growth in 2021 by 5.65 million barrels per day to 96.63 million barrels per day, according to a December report on the cartel.
