Latest News by Industry
%2Fcloudfront-us-east-2.images.arcpublishing.com%2Freuters%2FDZVUG3PREBPBPLEX74UE7GBBLM.jpg&w=1200&q=75)
• Brent futures gained 8 cents, or 0.1%, to settle at $107.10 a barrel
Oil prices were almost unchanged on Monday as drop in demand due to new Omicron variant found in China was balanced by tight supply concerns.
Brent futures gained 8 cents, or 0.1%, to settle at $107.10 a barrel, while US West Texas Intermediate (WTI) crude fell 70 cents, or 0.7%, to settle at $104.09.
Market was shaken as China had discovered its first case of a highly transmissible Omicron subvariant in Shanghai resulting in mass testing.
Oil prices were also affected as US dollar rose to its highest since October 2002 against several other currencies.
Picture Credits: Reuters
ALSO READ:
Putin says Western sanctions on Russia will lead to ‘catastrophic’ energy crisis