Oil Price Drops To $73 On Omicron Concerns

Emerging reports have claimed that the price of crude oil dropped amid surging cases of Omicron coronavirus variant.

The reports read that that Brent Crude futures plunged by 1.61 percent to $73.41 per barrel at 4:09 pm, while U.S. West Texas Intermediate (WTI) crude futures dipped by 1.58 percent to $70.80 a barrel.

Recall that international oil price rose above $75 per barrel last Friday amid ease in Omicron concerns that increasing immobility and impending lockdown would lower oil demand.

In its latest monthly oil market report, the Organisation of Petroleum Exporting Countries { OPEC } had forecast that the Omicron variant of the coronavirus would have a slight effect on oil demand.

The group noted that improved COVID-19 management and rising vaccination rates, enabling economic activity and mobility to return to pre-pandemic levels, supporting transportation fuels, in particular, would determine the increase in demand for crude oil.