Oil prices edge higher, but Omicron coronavirus variant worries linger
Oil prices eked out small gains on Tuesday, recouping losses earlier in the day triggered by investor worries about demand after renewed restrictions were imposed in Europe and Asia amid a rise in coronavirus cases.
Brent crude oil futures gained 25 cents, or 0.3%, to $74.64 a barrel by 0732 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 19 cents, or 0.3%, to $71.48.
“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.
