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Oil Settled as Traders Assess The Effects of Omicron

Adel 5 January, 2022 1:08 pm Commodities, Market Update

Oil prices stabilized on Wednesday as investors weighed the impact of a massive spike in omicron cases from the coronavirus, but the upside remained limited after rising US fuel stocks.

Brent crude, the global benchmark, was down four cents at $80.04 a barrel.

US West Texas Intermediate crude futures rose two years to $77.01 a barrel.

The United States recorded about one million new infections with the Coronavirus on Monday, the highest daily toll in the world, and the number is almost double the number of record infections recorded by the United States a week ago.

Data from the American Petroleum Institute on Tuesday showed gasoline stocks rose by 7.1 million barrels in the week ending December 31, and distillate stocks rose by 4.4 million barrels.

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