Omicron puts pressure on the oil market

On Monday, December 13, oil trading ended in decline. A barrel of Brent crude fell 1.40% to $ 74.24. The price fell on the back of the strengthening dollar and negative news about Omicron.

Death from Omicron was recorded in the UK. Boris Johnson does not rule out tightening Covid-19 restrictions. The dollar is holding its positions ahead of the US Federal Reserve meeting, at which the volume of the reduction in bond purchases is expected to double.

The US Department of Energy plans to start selling 18 million barrels of oil from the Strategic Petroleum Reserve (SPR) from December 17. The market is prepared for an increase in supply, so speculators ignored the news during the fall in oil prices.

On Tuesday, December 14, a barrel of Brent costs $ 74 per barrel. The price is trading in the red as bearish sentiment persists. Omicron and the US Federal Reserve meeting remain in the center of attention of market participants. Buyers need to hold the level of 73.45, otherwise we will again fall to $ 70.