Oil

Oil Price nears $75 as Investors Assess Omicron’s Impact

Despite Omicron’s threat, oil prices edged higher taking a breather after gains earlier this week, as investors assessed the impact of the Omicron coronavirus variant on the global economy. The market had a muted reaction to U.S. weekly inventory figures, which showed a smaller-than-anticipated decline in crude stocks.

Crude oil per barrel closes to $75 despite some countries in Africa ban from entering UK with fears that the variant might be more in the coming days.

OPEC member, Nigeria and South Africa have been on travel restrictions over the variant.

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