Florence Tan

SINGAPORE (Reuters – Oil prices are mixed. Brent climbed while futures fell. The reason for this was that thousands of US airlines cancelled flights to the United States due to Christmas Holidays and rising COVID-19 infected.

U.S. West Texas Intermediate crude oil futures dropped 41 cents or 0.6% to $73.38 per barrel at 0053 GMT. Because the U.S. markets closed on Christmas, Friday’s contract didn’t trade.

The price of oil rose to $76.54 per barrel, or 40 cents (or 0.5%), after it settled down at 0.92% on Friday.

After early evidence suggested that Omicron variants of COVID-19 might cause milder symptoms, both contracts increased 3% to 4.4%.

However, COVID-19 is seeing an increase in the number of cases due to the transmissible variant.

Over a three-day period, thousands of holiday travelers were left behind by cancellations at American airlines due to COVID staffing shortages.

Prices in Europe reached new records last week due to tight supplies. This support for Brent crude oil prices.

Russian President Vladimir Putin claimed on Friday that the European Union cannot be held responsible for its record gas prices. Some of its member countries resell Russian natural gas at much more expensive prices inside the bloc.

Oil investors will be focusing on January 4th, OPEC+’s next meeting.

The Organization of the Petroleum Exporting Countries, OPEC, and its allies, including Russia (known as OPEC+), will be meeting to determine whether or not to approve a 400,000 barrels per daily (bpd), production rise in February.

Russia thinks oil prices won’t change dramatically next year. Demand will recover to pre-pandemic levels by 2022 only, Alexander Novak, the Deputy Prime Minister of Russia said Friday.