Oil Falls, Stocks Lower, Gold Lower On Strong US Dollar – Investing.com

Oil Falls, Stocks Lower, Gold Lower On Strong US Dollar – Investing.com

and US stocks appear to be in lock-step ahead of Friday’s data. Omicron uncertainty and concerns of weakening crude demand snapped a three-day rally in oil prices.

Information on Omicron has been fluid, with earlier in the week one study showed a third Pfizer (NYSE:) dose neutralized the Omicron variant. The latest news showed that the Omicron variant is 4.2 times more transmissible than the delta variant. For the unvaccinated population, Omicron may be a fast wave and could support the idea that the short-term hit to crude demand will be quick and fast.

Besides incremental Omicron updates, the rest of the week is all about two things: a potentially hotter-than-expected US inflation report that might send the dollar higher and the weekly Baker Hughes rig count which should show more rigs are coming online.