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Pressured By Omicron Worry & U.S. Fiscal Dynamic

OIL

Omicron worry (dominated by a lockdown in the Netherlands and the potential for a deepening of restrictions across broader Europe & the UK) weighed on crude to start the week, as demand fears notched higher. Meanwhile, U.S. Democratic Senator Manchin’s choice to effectively block President Biden’s Build Back Better scheme weighed further on risk appetite. This combination leaves WTI & Brent futures ~$2.00 below Friday’s settlement levels as of typing.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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