Dhaka: Omicron is spreading rapidly all over the world. This has increased the panic of the traders. And it has had a negative impact on the international oil market.
On Monday (December 20), the price of crude oil in the world market fell by more than 4 percent. However, the price of natural gas has increased.
As of 7:30 p.m., West Texas Intermediate (WTI) in the United States fell 4.81 percent, or 3.41 dollars, on Monday, according to OilPrice.com. On that day, WTI was sold at 67.45 per barrel. Monday's drop was a full four percent, or 2.94. Brent crude traded at 70.58 dollar a barrel on the day. The price of heating oil has also come down. It fell 3.77 percent to 2.135 dollar on Monday. However, natural gas prices have risen. On Monday, it rose 3.77 percent, or 0.139 dollar to 3.829 dollar per unit.
According to analysts, the rapid rise due to Omicron transmission around the world and the return of social restrictions in Europe and America have raised fears that oil demand will decline again. This is why the price of oil in the world market is declining.
The Netherlands has been locked down again since last Sunday (December 19). With Christmas and the English New Year looming, it is expected that austerity measures will be taken in a few more European countries.
In the meantime, Italy has signaled a return to the rule of social distance. After the cabinet meeting on December 23, the Prime Minister can announce the new health rules.