IT stock jumps 10% after company launches PayCentral AI India’s first payment platform
By Malvika Gurung
Investing.com -- Investor sentiments grew wary of new restrictions to institute amid a surge in Omicron cases in Europe and the US, indicating fears of denting demand for fuel and looming supply targets.
Oil prices dropped about 3% on Monday after the Omicron jolt, with the Brent crude futures plunging 2.57% to $71.63 per barrel, and the Crude Oil WTI Futures declined 3.02% to $68.72/barrel at 9:43 am on Monday.
The slide in oil prices is a result of weakening performances of Wall Street on Friday, led by technology-driven stocks on the Nasdaq index, followed by pares witnessed in Asian markets, with KOSPI trading 1.7% lower.
As per a market analyst at the UK-based brokerage firm CMC (NS:CMC) Markets, due to fears of impending restrictions on economic activities to contain the rising spread of the Omicron variant worldwide may increase the risk of fuel demand slowdown, cites Reuters.
The International Energy Agency stated last week that the rise in Covid-19 cases would temporarily dampen the recovery in global oil demand. The demand for jet fuel is the most impacted due to the Omicron scare, as international travel has begun restrictions, with entry requirements made stricter for various countries.
The Netherlands initiated a lockdown on Sunday amid the possibility of increasing Covid-19 cases before the holiday season, while the UK is recording the biggest daily jumps of Omicron cases.
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