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Oil Trims Weekly Gain Amid Low Liquidity Heading Into Christmas

  • Omicron hospital risk 50-70% lower than delta: U.K. agency
  • Futures in London decline Friday with trading volumes low
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WATCH: Francisco Blanch of Bank of America discusses Europe’s energy crisis and the outlook for oil.Source: Bloomberg
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Brent oil fell as as trading volumes thinned moving into the holiday period, but still headed for a weekly gain on signs that the omicron variant of the virus may be less severe than previous strains.

Futures in London slipped 0.9% toward $76 a barrel on Friday. While omicron has led to some travel restrictions and surging infections, a U.K. health agency said the variant was less likely to lead to hospitalizations, compared with the delta strain.