Covid: Oil Prices Crash On Renewed Omicron Panic | U.S Covid Cases | UK Covid Cases | The latest on the coronavirus pandemic and the Omicron variant | 21st December 2021
Oil prices slumped on Monday as surging cases of the Omicron coronavirus variant in Europe and the United States stoked investor worries that new restrictions to combat its spread could dent fuel demand.
Brent crude futures fell $2, or 2.7%, to settle at $71.52 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell $2.63, or 3.7%, to settle at $68.23 a barrel.
Brent fell to a session low of $69.28 per barrel, while WTI sank to $66.04 per barrel, both their lowest levels since early December.
“This is a knee-jerk reaction to the proliferation of the virus and the fear that lockdowns can rapidly spread,” said Andrew Lipow of Lipow Oil Associates in Houston.
The Netherlands went into lockdown on Sunday and the possibility of more COVID-19 restrictions being imposed ahead of the Christmas and New Year holidays loomed over several European countries. read more
U.S. health officials urged Americans on Sunday to get COVID-19 booster shots, wear masks and be careful if they travel over the winter holidays, with the Omicron variant raging across the world and set to take over as the dominant strain in the United States. read more
Oil prices fell despite Moderna Inc’s (MRNA.O) announcement on Monday that a booster dose of its COVID-19 vaccine appeared to be protective against Omicron in laboratory testing. read more
Meanwhile, OPEC+ compliance with oil production cuts stood at 117% in November, up 1 percentage point from the previous month, two sources from the group told Reuters, as output continues to lag agreed targets. read more
In the United States, energy companies added oil and natural gas rigs for a second week in a row.
The oil and gas rig count, an early indicator of future output, rose by three to 579 in the week to Dec. 17, representing its highest number since April 2020, energy services business Baker Hughes Co said in its closely followed report on Friday.
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Covid-19: The Queen cancels spending Christmas in Sandringham
The Queen has cancelled her traditional Christmas in Sandringham in Norfolk, amid concerns about the rising levels of the Omicron variant.
Instead she will stay in Windsor where she will be joined by members of the Royal Family.
Buckingham Palace aides described it as a personal decision and “reflects a precautionary approach”.
It is the second year the pandemic has caused the cancellation of the Queen’s Christmas trip to Sandringham.
Last week the Queen announced that she would not be going ahead with her family pre-Christmas lunch.
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London cancels New Year’s Eve event in Trafalgar Square over Covid-19 concerns
A planned New Year’s Eve event in London has been canceled over Covid-19 concerns, Mayor of London Sadiq Khan tweeted on Monday.
NY state calls on federal government to help increase supply of Covid-19 test kits
New York’s Director of State Operations Kathryn Garcia said the state needs more partnership with the federal government on making sure necessary supplies, like test kits, are available.
Quebec will close schools and bars and return to teleworking as Covid-19 cases increase
Quebec will implement new restrictions, closing schools, bars and casinos as Covid-19 cases and hospitalizations increase, Quebec’s Health Minister Christian Dubé said during a news conference on Monday.
Panama detects first case of Omicron Variant
Panama’s Health Ministry said the first Omicron coronavirus case has been detected inside the country.
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World Economic Forum defers Davos meeting amid pandemic
Davos meeting postponed again as Omicron variant surges.
WEF says its annual meeting now planned for “early summer”.
Virtual event with global leaders to take place instead.
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