It has been reported by Trading Economics global macro models and analysts that expectations for US gasoline futures held at around $2.0 per gallon, close to levels not seen since late April.
This happened amid ongoing fears about the impact of the new, possibly vaccine-resistant coronavirus omicron variant, coupled with seasonal patterns in domestic demand.
Fuel demand prospects deteriorated significantly amid concerns about the reintroduction of travel restrictions worldwide to curb the spread of the new virus strain.
Meanwhile, OPEC+ countries announced they would resume the 400,000 BPD output hike in January but warned that the group would react quickly to any drop in demand caused by the omicron variant.
Additionally, demand is usually lower during the winter months, and traders were already expecting to see the seasonal trend take shape.