Oil plunged on the rising number of Omicron infection

International benchmarks for crude oil slumped on Monday, 20 December 2021 as the rising number of infection cases reported in the US and Europe spooked investors. The concerns are that governments might introduce a fresh round of lockdowns to curb the spread, which might impact the demand for fuel.

Brent dropped $2 or 2.7% to close at $71.52/barrel.

WTI fell $2.63 or 3.7% to close at $68.23/barrel.