Volatility hits oil markets as traders weigh up omicron threat
Alex GluyasMarkets reporter
Oil suffered its biggest decline of the month overnight as surging COVID-19 infections across Europe escalated concerns about the reintroduction of mobility restrictions, and Joe Biden’s economic plans were dealt a major blow.
Brent crude oil dropped 4.8 per cent to $US69.97 a barrel, while West Texas Intermediate fell 5.8 per cent to $US66.77 a barrel. Futures in New York clawed back some of those losses on Tuesday morning.
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Alex Gluyas is a markets reporter based in our Melbourne newsroom. Connect with Alex on Twitter. Email Alex at alex.gluyas@afr.com
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