Crude prices recorded a decline of more than 1% in the middle of trading today, Thursday, less than an hour before the opening of the American markets, amid a state of profit-taking for investors after gains for about three consecutive sessions that exceeded 10%, in addition to some concerns in the markets after some major oil-consuming countries imposed measures and restrictions.

To reduce the spread of the new mutant omicron. Despite the positive news, which indicates that Omicron may not cause as strong economic damage as was expected, after reports issued by Pfizer and its partner Biotech showed that a third dose of the current vaccine will protect the person from the new mutation Omicron, and that the two-dose regimen appears to be less effective.

Some major crude consuming countries have begun to impose restrictions to limit the spread of the virus, such as China and Britain, which has raised markets’ concerns about the impact of these restrictions on demand levels.

In a related context, the report of the US Energy Information Administration issued yesterday, Wednesday, showed a decline in stocks by 241 thousand barrels in the last week ending on December 3, compared to expectations that indicated a decrease of 1.17 million barrels, and in details, gasoline stocks rose by about 3.9 million barrels (an increase is expected by 1. 4 million), while stocks of distillates, which include heating fuel and diesel, also increased by about 2.73 million barrels (an increase of 541 thousand is expected).

On the other hand, oil production in the United States of America increased, with average production last week reaching 11.70 million barrels, compared to 11.60 in the previous week, as exports fell to 2.279 million, down by about 434 thousand barrels, while imports declined by about 105 thousand barrels to reach 6.499 million barrels.

Brent crude is trading at levels of $74.85 a barrel, down by about 1.28%, while the American crude (NYMEX) is losing about 1.20% and trading at levels of $71.50 a barrel.