Oil is poised for a sixth straight weekly decline as the omicron variant jolts markets and OPEC+ leaves the door open to adjusting output plans if the pandemic drastically shifts demand.West Texas Intermediate crude futures pared earlier gains of 4.1% on Friday and are on track to post the longest stretch of weekly losses since 2018. The omicron variant continues to worry investors as the U.S. reported at least six states with cases, while Covid-19 infections in South Africa almost quadrupled since Tuesday. In Vienna, Iran negotiations were dismissed until next week, with a European envoy saying diplomats face substantial challenges that need urgent solutions.“The short-term demand outlook was shaky at best and if the U.S. sees new restrictions, the oil market could see a supply surplus by the end of the month,” said Ed Moya, senior market analyst at Oanda Corp.
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