Oil Prices Dip As Omicron Cases Surge

Oil prices fell early on Friday and were on track for a weekly loss as the fast-spreading Omicron COVID variant increased concerns about a potential hit to oil demand, while the hawkish Fed stance of tightening monetary policy next year started to lead to anxiety about economic growth. As of 10:00 a.m. EDT on Friday, WTI Crude was down 1.87% at $71.10 and Brent Crude prices had fallen by 1.75% to $73.71. Oil prices were up on Wednesday and Thursday, following a bullish inventory report from the Energy Information Administration (EIA) showing falling…