Oil price eases on worries Omicron could reduce demand

Brent futures fell 76 cents, or 1.0%, to settle at US$74.39 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 38 cents, or 0.5%, to settle at $71.29.

NEW YORK: Oil futures eased on Monday on worries that rising coronavirus cases around the world could reduce crude demand as new doubts emerged about the effectiveness of vaccines against the Omicron variant.

Brent futures fell 76 cents, or 1.0%, to settle at US$74.39 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 38 cents, or 0.5%, to settle at $71.29.