WASHINGTON (dpa-AFX) - Oil prices were flat to slightly higher on Tuesday after a sharp fall in the previous session on worries about the disruptive impact of the new Omicron coronavirus variant.
Benchmark Brent crude futures edged up 0.1 percent to $71.61 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up half a percent at $68.88.
Covid-19 worries persist, with investors awaiting U.S. President Joe Biden's announcement on new steps he is taking to fight the Omicron variant.
There is now consistent evidence that Omicron is spreading significantly faster than the Delta variant, WHO director-general Tedros Adhanom Ghebreyesus said.
Omicron accounted for 73 percent of new infections in the U.S. last week, a nearly six-fold increase in only seven days.
The European Union approved its fifth Covid-19 vaccine Monday as new infections multiply rapidly across the region. In Asia, cases of coronavirus have surged in Australia and South Korea.
New Zealand delayed the planned reopening of its international border because of the sweeping spread of Omicron around the world, just days ahead of Christmas and New Year celebrations.
Meanwhile, U.S. drug maker Moderna Inc. said a third dose of its Covid-19 vaccine increased antibody levels against the omicron variant.
Investors await inventory reports from the American Petroleum Institute and the U.S. Department of Energy for further direction.
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