Oil prices dipped towards $74 a barrel on Tuesday after the International Energy Agency (IEA) said that the new Omicron coronavirus variant was set to damper the global demand recovery while supplies were set to increase next year.

Brent crude oil futures dropped 97 cents, or 1.3%, to $73.42 per barrel, while U.S. West Texas Intermediate (WTI) crude futures declined 89 cents, or 1.3%, to $70.42 per barrel.

“The surge in new COVID-19 cases is expected to temporarily slow, but not upend, the recovery in oil demand that is underway,” the Paris-based IEA said in its monthly oil report.

Readers Bureau, Contributor

Edited by Jesus Chan

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