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Oil Posts Longest Run of Weekly Losses Since 2018 Amid Omicron

  • U.S. reports at least six states have cases of the new variant
  • OPEC+ decided this week to supply market with more barrels
Bloomberg business news
WATCH: Oil is expected to keep rising, says Fereidun Fesharaki, founder and chairman of energy consultancy FGE.Source: Bloomberg
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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.