WASHINGTON (dpa-AFX) - Oil prices were little changed near $75 a barrel on Tuesday as the arrival of Omicron coronavirus variant, reported in more than 60 countries, forced market participants to lower growth expectations for the coming months.
Benchmark Brent crude futures edged up 0.2 percent to $74.55 per ounce, after having closed 1 percent lower on Monday. West Texas Intermediate Crude oil futures were down 0.1 percent at $71.23 a barrel.
The Asian Development Bank today trimmed its growth forecasts for developing Asia for this year and next, citing risks and uncertainty brought on by the new Omicron coronavirus variant.
At the same time, OPEC left unchanged its global oil demand and supply forecasts for 2021 and 2022 in its closely-watched monthly report.
Output in the largest U.S. shale basin is expected to surge to a record in January, according to a monthly forecast from the U.S. Energy Information Administration.
At least 20 listed companies have shut operations in virus-hit areas in Zhejiang, one of China's biggest manufacturing hubs, as local authorities try to contain a Covid-19 outbreak.
Renewed restrictions were imposed in Europe and Asia to stop the spread of the Omicron coronavirus variant.
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