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Oil prices slide as rapid Omicron spread dims fuel demand outlook

The oil and gas rig count, an early indicator of future output, rose by three to 579 in the week to December 17, representing its highest since April 2020

An upsurge in demand in the past quarter led to the biggest draw on oil products stocks in eight years, the IEA said, while storage levels in OECD countries were at their lowest since early 2015
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Noah Browning | Reuters London
Oil prices slumped by $3.85 on Monday as surging cases of the Omicron coronavirus variant in Europe and the US stoked investor worries that new mobility restrictions to combat its spread could hit fuel demand.

Brent crude futures fell by $3.85, or 5.2 per cent, to $69.67 a barrel by 9.40 pm ist, while US West Texas Intermediate crude futures were down $4.51, or 6.4 per cent, at $66.35.

“Simply put, it is not a case of if but when governments impose tougher restrictions,” Stephen Brennock of broker PVM said in a report.

“Both crude markers are taking a sharp dive as the

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