Drop in oil price of two percent as rapid Omicron spread dims fuel demand outlook

SINGAPORE: Oil prices flump by about 2% early on Monday due to increment in cases of the Omicron coronavirus variant in Europe and also the USA stoked investors are worried due to new restrictions on businesses to combat its spread may restrict fuel demand.

Brent crude (oil) futures fell down  $1.36, or 1.9%, to $72.16 a barrel by 0036 GMT while U.S. WTI (West Texas Intermediate )  crude futures fell $1.51 or 2.1%, to $69.35 a barrel .