Sharjah24 – Reuters: Oil prices slipped on Thursday, trimming big gains from the previous two sessions, amid uncertainty over near-term demand as cases of the highly contagious Omicron variant of the coronavirus surge around the globe.
U.S. West Texas Intermediate (WTI) crude futures slipped 20 cents, or 0.2%, to $82.44 a barrel at 0503 GMT, after climbing 1.7% in the previous session.
Brent crude futures shed 19 cents, or 0.2%, to $84.48 a barrel, after rising 1.3% on Wednesday.
Data from the U.S. Energy Information Administration on Wednesday showed fuel demand has taken a hit from Omicron, with gasoline stockpiles increasing by 8 million barrels in the week to Jan. 7, compared with analyst expectations for 2.4 million-barrel rise.
"Gasoline demand was weaker-than-expected and still below pre-pandemic levels, and if this becomes a trend, oil won't be able to continue to push higher," OANDA analyst Edward Moya said in a note.
However, Moya added, the Omicron impact is expected to short-lived.
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