https://www.wtsp.com/article/traffic/gas-prices/oil-prices-gas-prices-omicron-variant/67-47a35c18-d9ff-4c90-b166-1bcc4bad3b82
It's believed new travel bans and potential lockdowns will result in an oversupply of oil, leading to falling prices.
So it was low demand last time, but now it's different!