Oil prices edged lower on Wednesday, reversing gains from earlier the week, as investors tried to assess the full impact of the Omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines, APA reports quoting Reuters.
Brent crude futures dropped 25 cents, or 0.3%, to $75.19 a barrel at 0129 GMT, after settling 3.2% higher on Tuesday. U.S. West Texas Intermediate crude was at $71.86 a barrel, down 19 cents, or 0.3%, having gained 3.7% in the previous session.
Oil prices rebounded earlier this week from a collapse last week on rising optimism that the new Omicron variant will not cause major economic damage.
"After having been oversold last week on fears about the Omicron's impact, there has been a correction this week on signs the Omicron may be mild," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.