1. Crude oil prices steady on demand concerns after renewed restrictions in Europe and Asia amid rise in coronavirus cases
MOSCOW (MRC) -- Oil prices edged higher on Tuesday but price gains were capped due to investor worries about oil demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases, reported CNBC. Brent crude oil futures edged higher by 1 cent to USD74.40 a barrel by 0113 GMT, while US West Texas Intermediate (WTI) crude futures gained 1 cent to USD71.30. “Energy traders don’t want to bet against OPEC+ but all the short-term risks from omicron to Fed tightening is proving to be very disruptive to the short-term outlook for oil prices,” said Edward Moya, senior analyst at OANDA. “The virus spread across Europe is delivering a bigger hit than expected and when you calculate family gatherings for the holidays, the short-term outlook could get slashed over the next month.”
MRC