• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Commodities

Oil down marginally as Omicron variant continues to spread

Ajibola Akamo by Ajibola Akamo
January 13, 2022
in Commodities
Oil down marginally as Omicron variant continues to spread
Share on FacebookShare on TwitterShare on Linkedin

Oil prices are down marginally in the London Session today, trimming big gains from the previous two sessions. This is due to uncertainty over near-term demand as cases of the highly contagious Omicron variant of the coronavirus surge around the globe.

The global benchmark, the Brent crude futures is down 0.05%, currently trading $84.60 a barrel, after rising 1.3% on Wednesday. The United States’ benchmark, the West Texas Intermediate (WTI) crude futures slipped is down 0.07%, currently trading $82.58 a barrel, after climbing 1.7% in the previous session.

Data from the U.S. Energy Information Administration on Wednesday also revealed fuel demand has taken a hit from Omicron, with gasoline stockpiles increasing by 8 million barrels in the week to Jan. 7, compared with analyst expectations for 2.4-million-barrel rise.

RelatedStories

Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

Crude Oil rallies past the FG Benchmark after Israel’s missile attacks on Iran

June 13, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 

BonnyLight sells marginally higher than Brent, new Nigerian blend hits market

June 9, 2025

What you should know

Road traffic has thinned across Asia at the start of the year as the highly contagious omicron variant of the coronavirus sweeps through the region, flashing a bearish signal for oil demand.

Fewer vehicles have transited through most capital cities so far this month than in December, according to mobility data from Apple, as authorities renew restrictions to curb the spread of the virus. Omicron recently breached China’s tough Covid defences, prompting Goldman Sachs to reduce its 2022 growth forecast for the nation. Flight cancellations are also mounting in Asia.

OANDA analyst Edward Moya said in a note speaking on gasoline demand stated, “Gasoline demand was weaker-than-expected and still below pre-pandemic levels, and if this becomes a trend, oil won’t be able to continue to push higher.” However, Moya added, the Omicron impact is expected to short-lived.

The market had earlier latched on to a bigger drawdown than expected in crude inventories and the fact that stockpiles are at their lowest since October 2018, pushing Brent and WTI to touch their highest in two months on Wednesday.

Citi bank stated, “In reality, the weekly EIA report was less bullish than the headline number, as total crude oil inventories fell 4.8 million barrels but were more than offset by a stock build across refined products. The drop in crude inventories might have been related to end-of-year tax issues on oil stocks onshore in Texas and Louisiana.”

Still, U.S. supplies are set to rise as producers are paving the way for faster production by expanding well completions in the country’s top shale oil field, the Permian Basin of west Texas and New Mexico, according to research data.

Separately, concerns about inflation putting pressure on the Federal Reserve to speed up the timeline for kicking off interest rate hikes are weighing on markets.

Tags: Brent Crudeoil pricesOmicron variantWest Texas IntermediateWTI
Ajibola Akamo

Ajibola Akamo

Ajibola Akamo is an Investment Analyst, Financial Analyst, Economist and Accountant. You may contact him via his email ajibolaakamo@yahoo.com

Related Posts

Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Energy

Crude Oil rallies past the FG Benchmark after Israel’s missile attacks on Iran

June 13, 2025
Latest crude oil price drop threatens Nigeria’s revenue and naira stability 
Commodities

BonnyLight sells marginally higher than Brent, new Nigerian blend hits market

June 9, 2025
How Nigeria Can Survive $30 Crude Oil Price — Drinks & Mics Panel Weighs In
Business News

How Nigeria Can Survive $30 Crude Oil Price — Drinks & Mics Panel Weighs In

May 10, 2025
Crude Oil Prices Plunge Below $60: What’s Next for Nigeria’s Economy and the Naira?
Digital Media

Crude Oil Prices Plunge Below $60: What’s Next for Nigeria’s Economy and the Naira?

May 7, 2025
Currencies

Brent crude rally lifts some pressure off Naira

May 6, 2025
FG to grant tax breaks to companies employing more staff – Wale Edun 
Blurb

What Wale Edun said when he was asked about impact of oil price fall 

May 6, 2025
Next Post
FirstBank convenes Nigeria Economic Outlook webinar for 2022

FirstBank convenes Nigeria Economic Outlook webinar for 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • How to invest in Nigerian commercial papers: A beginner’s wealth guide
  • House of Reps approves N774.77 billion NIMASA budget proposal 
  • FG sets 16 as minimum admission age for Nigerian tertiary institutions 

Follow us on social media:

Recent News

Why young Nigerians must consider investing in local and foreign stock markets

How to invest in Nigerian commercial papers: A beginner’s wealth guide

July 8, 2025
REPS

House of Reps approves N774.77 billion NIMASA budget proposal 

July 8, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics