Oil prices fall marginally amid near term demand concerns

13/01/2022 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices fell on Thursday amid uncertainty about global demand for oil in the near term due to a sharp increase in Omicron infections globally.

 

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, Reuters reported, citing OANDA analyst Edward Moya.

 

He added that the Omicron impact is expected to be short-lived.

 

US Energy Information Administration (EIA) said gasoline inventories rose 8 million barrels in the first week of 2022 despite an inventory decline of 4.6 million barrels last week.

 

Brent crude fell 30 cents to $84.37 a barrel at 9 am Makkah time. WTI delivery declined 33 cents to $82.31 a barrel.

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