Oil prices fall amid concerns on renewed restrictions over Omicron spread

Oil prices fell on Tuesday due to investor worries about demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases

Oil prices fell on Tuesday due to investor worries about demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases. Brent crude oil futures eased by 34 cents, or 0.5%, to $74.05 a barrel by 0401 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell by 35 cents, or 0.5%, to $70.94.

“Energy traders don’t want to bet against OPEC+ but all the short-term risks from Omicron to Fed tightening is proving to be very disruptive to the short-term outlook for oil prices,” said Edward Moya, senior analyst at OANDA. “The virus spread across Europe is delivering a bigger hit than expected and when you calculate family gatherings for the holidays, the short-term outlook could get slashed over the next month.”

Governments around the world, including most recently Britain and Norway, were tightening restrictions to stop the spread of the Omicron variant. At least one person has died in Britain after contracting the Omicron coronavirus variant, the first publicly confirmed death globally from the swiftly spreading strain.

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