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Brent crude futures edged higher to USD 74.2 per barrel on Wednesday, after rebounding more than 3% in the previous session, as shrinking inventories and an energy crunch in Europe more than offset worries about new restrictions to combat the Omicron spread that could dent fuel demand.
Oil prices fell Friday in limited trading during the Christmas holiday after a three-day rally, as investors tried to estimate the impact of the coronavirus pandemic on demand.
Brent crude futures fell 29 cents, or 0.4%, to $76.56 a barrel, after rising 2.1% in the previous session.
Despite this, the benchmark is still on its way to recording a weekly gain of about 4%.
And markets in the United States are closed today, Friday, for the Christmas holiday.
Oil prices rebounded this week as concerns eased about the impact of the highly contagious mutant Omicron on the global economy, as preliminary data indicated that it causes milder symptoms.
