Oil prices increased on Wednesday over worries about tight supply and a drawdown in US inventories, in spite of concerns about the possible hit to economic activity from the spread of the Omicron coronavirus variant.

Oil prices extended their losses into a third day on Thursday as a surprise build-up in US crude inventories and a resurgence of COVID-19 cases in India and Japan fuelled fears that a recovery in global economy and fuel demand may be stalled.

Oil prices increased on Thursday to the highest level in almost a month, after rising 5% in the previous session.

The plummeting of oil price affects Iran’s economy the least compared to others!

Amid falling oil prices and the coronavirus crisis, Saudi Arabia has decided to resort to tough economic measures to contain the fallout.

An economic expert says the drop in crude prices means that most oil producing nations, including Saudi Arabia, are suffering and will face a tough year. 

Saudi crown prince threatened Russian president over production cuts prior to flooding market in a telephone call, the Middle East Eye reports.