Oil prices drop 2% as rapid Omicron spread dims fuel demand outlook By Reuters – Investing.com

Oil prices drop 2% as rapid Omicron spread dims fuel demand outlook By Reuters – Investing.com

By Jessica Jaganathan

SINGAPORE (Reuters) - Oil prices slumped by about 2% early on Monday as surging cases of the Omicron coronavirus variant in Europe and the United States stoked investor worries that new restrictions on businesses to combat its spread may hit fuel demand.

futures fell $1.36, or 1.9%, to $72.16 a barrel by 0036 GMT while U.S. West Texas Intermediate (WTI) crude futures fell $1.51, or 2.1%, to $69.35 a barrel.