Oil prices fall on demand concerns over Omicron spread – Reuters

Oil prices fall on demand concerns over Omicron spread – Reuters

SINGAPORE, Dec 14 (Reuters) - 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.