Oil prices slip 1% on bets that crude supply growth will exceed demand

MELBOURNE: Oil prices fell for a third day straight on Wednesday on growing expectations that supply growth will outpace demand growth next year, even though the Omicron coronavirus variant is not seen curbing mobility as sharply as earlier Covid-19 variants.
U.S. West Texas Intermediate (WTI) crude futures fell 82 cents, or 1.2 per cent, to $69.91 a barrel at 0413 GMT, after losing 56 cents in the previous session.
Brent crude futures fell 71 cents, or 1 per cent, to $72.99 a barrel, after losing 69 cents on Tuesday.
Both contracts slipped more than $1 earlier in the session while Brent’s prompt monthly spread flipped into contango briefly on Tuesday.