By Gina Lee

Investing.com – Oil was up Tuesday morning in Asia, although concerns about the rapid spread of the omicron COVID-19 variant globally remain. More countries have begun to consider restrictions, which could reduce fuel demand.

The price of gold rose by 0.81% to $72.10 at 11:11 ET (11:11 GMT) and then jumped by 1.08% up to $69.39

JBC Energy analysts stated in a note that “it also seems increasingly likely” that the U.K. would reimpose restrictions after Boxing Day (Dec.26), when daily cases move to record highs.

British Prime Minister Boris Johnson said on Monday he would tighten restrictive measures to slow omicron’s spread if needed. The Netherlands has entered its fourth lockdown, and European countries are looking at Christmas restrictions.

The latest Centers for Disease Control and Prevention estimations show that omicron accounts for about. in the United States. These estimates show that the number of sequenced cases with delta has dropped to 27%.

Omicron infection spreads rapidly throughout Europe and the U.S. and doubles every other day in London.

Meanwhile, Moderna Inc. (NASDAQ 🙂 stated Monday that the booster dose of COVID-19 vaccine appears to offer protection against omicrons during laboratory testing.

On the supply front, the Organization of the Petroleum Exporting Countries and allies (OPEC+)’s compliance with oil production cuts rose to 117% in November from 116% the month before, according to Reuters. This shows that oil production remains well below the agreed target.

Investors are now waiting for, which is due late in the afternoon.