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, Investing.com reports.

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.

The market is also focusing on Iran nuclear talks, tensions between Russia and Ukraine and weather in northern-hemisphere winter.

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

To recap, OPEC+ will keep increasing oil production in January.

Tags: oil, USA, OPEC+, negotiations, price, petroleum products, oil deliveries, economy, oil market

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