Traders Await Fed Decision, Oil Prices Dip – 13 December, 2021

While traders were looking to this week’s Federal Reserve monetary policy meeting for economic outlook as well as monitoring the Omicron variant, oil prices lowered on Monday. West Texas Intermediate crude for January delivery was 38 cents or 0.5% lower to $71.29 per barrel. Global benchmark Brent crude fell 76 cents or 1% to $74.39 per barrel. As a result of the spread of the Omicron variant, the organization for Petroleum Exporting Countries (OPEC) shifted some demand expectations to early 2022 while the outlook for oil demand growth was unchanged for 2021 and 2022.