12/8/2021, 12:16 PM (Source: TeleTrader)
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Oil slides 1% on Omicron scares

Prices of oil declined on Wednesday despite a reported unexpected drop in the United States crude stockpiles from the day before, as the investors remained worried about the spread of the coronavirus' Omicron variant.

While the symptoms caused by the new strain seem less severe than those linked to the Delta variant, according to the data presented by Washington's top epidemiologist, Anthony Fauci, Omicron's transmissibility could reportedly push countries to consider imposing tougher measures.

Brent for February 2022 deliveries dropped 1.14% to go for $74.55 per barrel at 6:05 am ET, while West Texas Intermediate (WTI) for settlements in January dove 1.37%, selling for $71.06 per barrel at the same time.

Baha Breaking the News (BBN) / BU