Global oil prices fall due to lower demand

Global oil prices fell on January 14 morning as more travel restrictions were imposed due to rising COVID-19 cases, pushing down demand for gasoline, Report informs.

The price of March futures for Brent crude fell by 0.11% to $84.38 per barrel, while February futures for WTI fell in price by 0.32% to $81.86 per barrel.

The short-term outlook for travel demand is also likely to be limited by the spread of the omicron strain, the Wall Street Journal reports.

Statistics from the Baker Hughes Company are expected on January 14 night on the number of active drilling rigs in the US. Over the previous week, their number has increased by 1 unit, to 481 units.