Brent Oil was trading 2.43% down at $71.70.
Global jet fuel markets stayed under pressure on Tuesday as more countries expanded border restrictions to keep the new Omicron coronavirus variant at bay, prompting travellers to reconsider their plans.
Jet fuel demand – the biggest laggard in the oil complex – had been forecast to post the strongest growth of 550,000 barrels per day to 5.9 million bpd in fourth quarter, according to the International Energy Agency in its Nov. 16 report.
But now Omicron pose the greatest risk to jet fuel consumption. Hong Kong expanded a ban on entry for non-residents from several countries, the latest to expand travel curbs after Israel and Japan have already announced border closures to all foreign travellers.
Britain and Australia have tightened rules for all arrivals in response to the new variant while hundreds and thousands of would-be travellers are now considering to cancel or delay their trips in response to renewed restrictions.
Brent Oil , RSI Stood at 36.091, the current price is trading Below All the Moving Averages . So, a Sell trade can be executed with the following target and stop-loss:
TRADE SIGNAL-Brent Oil– Sell: 71.70, TARGET:-65.70, STOP LOSS:- 74.70.