Oil settled lower on growing concerns over the supply outlook
Oil settled lower on growing concerns over the supply outlook
International benchmarks for crude oil continue to drop on the second trading day of the week, 14 December 2021 on growing concerns that supply would outgrow demand in the coming quarter. The IEA said that the Omicron variant is set to dent global demand at the time OPEC and allies are lifting production output.
Brent dropped 69 cents to close at $73.70/barrel.
WTI loses 56 cents to close at $70.73/barrel.