Naira earns 0.09% of dollar at investor window

By Adedapo Adesanya

Oil prices closed mixed on Friday in a short holiday swap after a three-day rally, with investors trying to assess the impact of the omicron coronavirus variant on demand.

While Brent crude fell 29 cents or 0.4% to trade at $ 76.56 a barrel, U.S. West Texas Intermediate (WTI) crude closed up $ 1.03 or 1.42% for sell for $ 66.26 a barrel.

It happened as US markets were closed for the Christmas holidays on Friday.

Crude oil prices rallied this week as fears about the impact of the highly infectious variant of omicron on the global economy faded, with early data suggesting it is causing milder disease levels .

However, investors remain cautious as infections continue to rise, with the UK and France reporting a record number of new COVID-19 infections on Friday, the spread of the Omicron variant forcing global airlines to cancel thousands of thefts.

Thailand reported its first Omicron cluster in the northeastern province of Kalasin, saying 21 infections came from a Belgian couple who visited the country earlier this month.

In Europe, Italy has reintroduced mandatory masks outdoors and Greece has ordered people to wear masks indoors and outdoors.

In South America, Ecuador has made vaccines compulsory for almost everyone to fight coronavirus infections that are on the rise around the world just before the Christmas holidays.

Not all of the news was negative, as South Africa relaxed a number of coronavirus brakes, although it was hit by the fourth wave of cases caused by the Omicron variant.

The United States will lift its travel ban from eight countries in southern Africa from December 31.

The number of active drilling rigs in the United States last week increased by 7, bringing the total to 586, as oil prices remain relatively high despite the new wave of COVID-19 brought by the new variant of the coronavirus .

Last week’s count compared to an increase in platform count of 3 for the previous week, bringing the total to 579.

A higher number of rigs in the United States has also added to the pressure on the oil market.

Oil production in the United States last week stood at 11.6 million barrels per day, according to the Energy Information Administration (EIA).

That was down from 11.7 million barrels per day the week before, but up from 11 million barrels per day a year ago. The four-week average production was estimated at 11.65 million barrels per day.


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