Oil steadies as investors weigh impact of Omicron surge – Reuters
- Date: 05-Jan-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Gulf
Oil steadies as investors weigh impact of Omicron surge – Reuters
NEW DELHI, Jan 5 (Reuters) - Oil prices dropped on Wednesday after U.S. fuel stockpiles climbed, indicating declining demand in the world's biggest oil consumer amid a massive spike in COVID-19 cases caused by the Omicron variant.
Brent crude futures fell 9 cents, or 0.11%, to $79.91 a barrel at 0537 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 13 cents, or 0.17%, to $76.86 a barrel.
U.S. gasoline stockpiles rose by 7.1 million barrels in the week to Dec. 31, the American Petroleum Institute (API) reported late on Tuesday. Distillate stockpiles climbed by 4.4 million barrels in the week.
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