Oil posts longest run of weekly losses since 2018 - News Summed Up

Oil posts longest run of weekly losses since 2018


Oil posts longest run of weekly losses since 2018BloombergOil slid for a sixth straight week, marking the longest stretch of weekly declines since 2018, as the Omicron variant of SARS-CoV-2 jolts markets and OPEC+ continues to hike supply. West Texas Intermediate for January delivery declined 0.36 percent to US$66.26 a barrel, down 2.77 percent from a week earlier. Brent crude for February delivery rose 0.3 percent to US$69.88 a barrel, posting a weekly decline of 3.9 percent. A maze of crude oil pipes and valves is pictured in Freeport, Texas, on June 9, 2016. Photo: ReutersThe spread of the Omicron variant has investors concerned about any potential damage to demand as the US reported at least six states with cases.


Source: Taipei Times December 05, 2021 00:53 UTC



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