Oil prices drop by 3%

About 3% of oil prices fell on Monday as soaring Omicron Coronavirus cases in Europe and the United States prompted investor concerns that new regulations to combat its spread could harm fuel demand.

Brent crude futures are down 2.6%, at $71.60 a barrel, while U.S. West Texas Intermediate (WTI) is down 3%, at $68.77 a barrel.

During today’s Asian trading session, the downward trend in oil prices corresponds to the downward trend in S&P 500 and Nasdaq 100 e-mini futures. This is due to fears of impending restrictions on economic activity because the COVID-19 Omicron variant is spreading worldwide, which may lead to a slowdown in demand.

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