Oil prices plunged on the back of the discovery of a new Covid variant, but Omicron isn’t the only bearish factor in today’s oil markets The resurgence of tensions between China and the U.S. could well spark another trade war between the two superpowers A strong U.S. dollar and rising inflation will also play a role in pushing oil prices down even if Omicron fears subside Just when the world started to embrace some normalcy in terms of the global economy and social mobility, a new variant from South Africa, technically called B.1.1.529 and named Omicron , has emerged as policy-makers, politicians, and investors brace themselves for yet another wave of Coronavirus-related restrictions. The UK has already put a ban on people traveling from certain African countries, so has the U.S. others are following suit. The new strain rocked the oil markets as the Brent benchmark lost 10.7 percent […]