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Author: Gina Lee
Investing.com – Oil rose in Asia on Tuesday morning, despite concerns about the rapid spread of the omicron COVID-19 variant. More countries are looking at reductions in fuel demand.
It rose 0.81% to $ 72.10 for 23:11 ET (4:11 AM GMT) and rose 1.08% to $ 69.39.
“It also seems increasingly likely that the UK will re-impose restrictions on Boxing Day (December 26) at some point, with daily cases going on record,” JBC Energy analysts said in a statement.
The Prime Minister of the United Kingdom Boris Johnson said on Monday that he would tighten restrictive measures to slow the spread of omicron if necessary. Elsewhere in Europe, the Netherlands is under a fourth blockade and other European nations are considering Christmas restrictions.
In the US, omicron., According to the latest estimates from the Centers for Disease Control and Prevention. The Delta variant has now dropped to approximately 27% of sequenced cases.
Omicron infections are spreading rapidly in Europe and the US, doubling every two to three days in London and elsewhere.
Meanwhile, Modern Inc. (NASDAQ 🙂 said on Monday that a high-dose dose of COVID-19 vaccine provided protection against omicron in laboratory tests.
In terms of supply, compliance by the Organization of the Petroleum Exporting Countries and Allies (OPEC +) with oil production restrictions rose to 117% in November from 116% in the previous month, according to Reuters. This indicates that the level of production remains below the agreed targets.
Investors are now waiting, later in the day.
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