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Oil Drops on Broader Risk-Off Sentiment Amid Omicron Worries

  • U.K. tightens pandemic rules, advising work from home
  • WTI futures dip below $71 after advancing past three sessions
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OPEC+ Pause or Cut Possible Next Month, Says Oil Analyst Sen
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Oil fell with equities and other risk assets as the Covid-19 omicron variant’s rapid spread revived concern about more government restrictions and the potential hit to fuel demand.  

Futures in New York closed down 2% on Thursday, with the S&P 500 also declining. Lockdowns and other measures aimed at containing the new strain are increasingly casting a shadow over the outlook for consumption, and recent data show omicron is 4.2 times more transmissible than the delta variant.