Oil prices dropped on Wednesday after U.S. fuel stockpiles climbed, indicating declining demand in the world’s biggest oil consumer amid a massive spike in COVID-19 cases caused by the Omicron variant.
Brent crude futures fell 9 cents, or 0.11%, to $79.91 a barrel at 0537 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 13 cents, or 0.17%, to $76.86 a barrel.
