Oil prices fall due to the spread of Omicron

Oil prices fell more than 2% on Monday, as rising omicron infections from the coronavirus in Europe and the United States fueled investor fears that new business restrictions to combat its spread could slash fuel demand.

Brent crude futures fell $1.92, or 2.6 percent, to $71.60 a barrel by 0436 GMT, while US West Texas Intermediate crude fell $2.09, or 3 percent, to $68.77 a barrel.