Oil prices fall on demand concerns and rising Libyan output

Brent crude fell 88 cents, or 1.1%, to settle at US$80.87 a barrel. U.S. West Texas Intermediate (WTI) crude was down 67 cents, or 0.9%, at $78.23. In early trade, both contracts rose by about 50 cents.

NEW YORK: Oil prices fell Monday as concerns about demand fears stoked by the rapid global rise in Omicron coronavirus infections overtook concerns about oil supply reduction from Kazakhstan.

Brent crude fell 88 cents, or 1.1%, to settle at US$80.87 a barrel. U.S. West Texas Intermediate (WTI) crude was down 67 cents, or 0.9%, at $78.23.