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