Oil prices ease as investors wait for more on Omicron's potential impact

Oil prices ease as investors wait for more on Omicron's potential impact

Oil prices eased on Wednesday, taking a breather after gains earlier this week, as investors waited for more information on to what extent the Omicron coronavirus variant will likely hurt the global economy and fuel demand.

Brent crude futures dropped 40 cents, or 0.5%, to $75.04 a barrel at 0748 GMT, after settling 3.2% higher on Tuesday. U.S. West Texas Intermediate crude was at $71.50 a barrel, down 55 cents or 0.8% having gained 3.7% in the previous session.

After a collapse last week, oil prices rebounded earlier this week on rising optimism that Omicron will not cause major economic damage, Reuters reported.

Oil markets reacted little to U.S. weekly inventory data.

U.S. crude stocks fell last week while gasoline and distillate inventories rose, according to market sources citing American Petroleum Institute figures on Tuesday.

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