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Oil prices post weekly loss amid Omicron fears

Category: Economy

Date: 2021-12-18T08:35:53+0000
Oil prices post weekly loss amid Omicron fears

Shafaq News/ Oil prices fell and were also down on the week as surging cases of the Omicron coronavirus variant raised fears that new restrictions may hit fuel demand.

Basra crude closed at $73.90, down by $1.83, or 1.90%, to achieve a weekly loss of $1.07, or 1.43%.

Brent crude futures settled down $1.50, or 2%, at $73.52 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped $1.52, or 2.1%, to settle at $70.86 a barrel. Brent was down 2.6% on the week, and WTI fell 1.3%.

In Denmark, South Africa, and Britain, the number of new Omicron cases doubled every two days. Danish Prime Minister Mette Frederiksen said on Friday her government would propose new restrictions to limit the spread.

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