By David Ho

Investing.com – Oil prices slipped on Monday morning in Asia as the in Europe and the United States kept investors on their toes with worries that fuel demand will slow if new restrictions on businesses are rolled out.

At 10:56 ET, the price of $71.75 was down 1.69% (3:56 GMT), and at $68.89 it fell by 2.78%.

Kelvin Wong from CMC Markets, market analyst said that today’s Asia is characterized by a weakening sentiment regarding oil prices.

“(This) is due to the fear of impending restrictions economic activities to control the increasing spread COVID-19 Omicron worldwide, which might increase the risk demand slowdown.”

The Netherlands were placed in lockdown last weekend. Many European countries may impose further COVID-19 limitations in advance of New Year’s and Christmas holidays.

People in the United States are being encouraged to have booster shots and use masks when they’re in crowds.

U.S. oil companies added oil and other rigs this week for the second week straight.

Baker Hughes Co. reported that the number of oil and natural gas rigs, used to measure future output, increased by three to 579 over the week ended Dec. 17th. This is its highest point since April 2020.

Russia will produce less oil than expected, its planned exports of oil are at 56.05 Mt in the first quarter (2022) and at 58.3Mt in the fourth quarter (2021), according to the quarterly export schedule.