Oil prices steady as Omicron caution lingers
Oil prices were steady on Wednesday as fears of tight supply were offset by COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases. U.S. West Texas Intermediate (WTI) crude futures were unchanged at $71.12 a barrel at 1250 GMT after jumping 3.7% on Tuesday. Click Here to read more from Reuters.
Oil prices plunge as Omicron’s rapid spread dims fuel demand outlook
Oil prices slumped on Monday as surging cases of the Omicron coronavirus variant in Europe and the United States stoked investor worries that new restrictions to combat its spread could dent fuel demand. Brent crude futures fell $2, or 2.7%, to settle at $71.52 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $2.63, or 3.7%, to settle at $68.23 a barrel. Click Here to read more from Yahoo Finance.
Europe Faces Full Blown Energy Crisis As Gas Prices Smash All Records
Europe’s energy crisis got even worse on Tuesday as a shortage of natural gas, nuclear outages, declining wind power output, and cold weather boosted prices. The gas price at the Dutch TTF hub, the benchmark gas price for Europe, soared 10% to a new record high of 165 euros per megawatt-hour after gas entering Germany at the Mallnow compressor station plunged to zero. Flows were diverted eastward to Poland. European gas prices hit a record high. Click Here to read more from Oil Price.