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US Oil Price Falls Five per Cent on Omicron Fears

US Oil Price Falls Five per Cent on Omicron Fears

The US benchmark oil contract sank by more than five percent on Tuesday on renewed concerns that the Omicron coronavirus variant will derail demand.

The price of West Texas Intermediate for delivery in January fell 5.1 percent to $66.38 per barrel, the lowest since August, while the Brent contract, the international benchmark, was down 3.8 percent at $70.65.

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