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Oil fall as Omicron risks weigh

LONDON (Reuters) -Oil fell on Monday as new concerns about the Omicron coronavirus variant and doubts around the effectiveness of vaccines against it were weighing on prices. Brent fell 78 cents, or 1%, to $74.37 a barrel by 1227 GMT, and U.S. West Texas Intermediate (WTI) was down 72 cents, or 1%, at $70.95 a barrel. “The major oil contracts registered decent weekly gains, but it is noticeable that current prices are still way below the pre-Omicron levels,” said Tamas Varga, oil analyst at London brokerage PVM Oil Associates. The Omicron coronavirus variant, reported in more than 60 countries, poses a “very high” global risk, with some evidence that it evades vaccine protection, the World Health Organization says.

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