Due to omicron fear mongering campaign. The mainstream media is floating out this narrative that demand is slowing down. What we could see is a temporary bottom in the event Russia invades Ukraine. According to SkyNews article, "Russia-Ukraine tensions: Most signs point to Putin having a plan to invade - but could he be made to think twice?"
The World Health Organization said omicron poses a very high global risk. A strengthening in the US dollar also weighed on oil prices. Pfizer and BioNTech pharmaceutical companies said preliminary laboratory studies demonstrate that three doses of the Pfizer-BioNTech COVID-19 vaccine neutralize the omicron variant while two doses show indications of a significant increase in protection. - Mohammed Al-Shatti is a Kuwaiti oil analyst