Oil drops near 2% as COVID concerns endure

Prices of oil futures declined by almost 2% on Friday, as the investors remained worried over the COVID-19 Omicron variant's potential to nudge the authorities worldwide into introducing harsher containment measures in 2022.

On the data front, the traders waited for the year's last weekly rig count in the United States.

West Texas Intermediate (WTI) for February settlements dropped 1.95% at 7:38 am ET, selling for $75.49, while Brent for deliveries in the same month lost 1.86% at 7:41 am ET, to go for $78.06.

Baha Breaking the News (BBN) / BU