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Omicron Demand Fears Hit Prices

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Oil prices have shed almost a fifth of their value since the US Thanksgiving holiday weekend after a new potentially vaccine-resistant Covid-19 variant threatened fresh demand destruction. Knee-jerk reactions by governments around the world hit jet fuel demand first. Immediate travel bans were imposed on the countries where Omicron was first detected. Governments also heightened testing and quarantine arrangements for international air travel. International benchmark Brent has lost $12.64 per barrel since JFI last went to press, closing at an 11-week low of $69.67/bbl Thursday night. US domestic price-pin West Texas Intermediate shed $12/bbl over the same time to finish the reporting week at $66.50/bbl.

Jet Fuel, Oil Demand, Crude Oil, Oil Spot Markets, Oil Prices
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