On the London ICE exchange, the price of the February Brent crude oil futures fell by more than 5.3%, reaching at least $ 69.63 per barrel. For the first time since December 3, the price of Brent has been below $ 70 per barrel.

But, after 9:00 UTC (12:00 Moscow time), the quotes went into correction and managed to reach $ 71.7 (fixed at 11:45 UTC). February futures for WTI crude oil hit a low of $ 66.86 a barrel (-5.4%) on the New York Mercantile Exchange.

Such a sharp drop is explained by fears of a decrease in oil demand due to the rapid spread of a new strain of COVID-19, called “Omicron”. New vaccines may not be effective enough to combat the mutation, WHO says.