Oil slid for a sixth straight week, marking the longest stretch of weekly declines since 2018, as the omicron variant jolts markets and OPEC+ continues to hike supply.
West Texas Intermediate crude futures fell 2.8% this week. The spread of the omicron variant has investors concerned about any potential hit to demand as the U.S. reported at least six states with cases. Covid-19 infections in South Africa have almost quadrupled since Tuesday. Meanwhile, OPEC and its allies this week decided to add 400,000 barrels a day of crude to global markets in January, ultimately bowing to consumer pressure.