Crude-oil futures on Monday trade under early pressure, as COVID-fueled travel disruptions over the Christmas holiday raised fresh questions about demand.
Crude-oil futures on Monday were under early pressure, as COVID-fueled travel disruptions over the holiday raised fresh questions about demand for energy, highlighting what has been a seesaw shift in mood amid the spread of the omicron variant of the coronavirus that causes COVID-19.
“The group is expected to stick with its decision to raise oil output by a further 400k barrels a day, although some have argued they will be more cautious because of the virus situation,” wrote Fawad Razaqzada, market analyst at ThinkMarkets, in a note dated Friday. Meanwhile, Brent crude BRNG22, +0.01%, the global benchmark, was trading 24 cents, or 0.3%, lower at $75.56 a barrel on ICE Futures Europe, following a 3.6% weekly finish on Friday, with ICE Europe market open on Christmas Eve.
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