Oil prices steady as Omicron caution lingers amid renewed curbs | Reuters

Oil prices steady as Omicron caution lingers amid renewed curbs | Reuters

Oil prices were steady on Wednesday, with market players on the lookout for fuel demand pointers amid COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases.

U.S. West Texas Intermediate (WTI) crude futures rose 12 cents, or 0.1%, to $71.24 a barrel at 0757 GMT after jumping 3.7% on Tuesday.

Brent crude futures rose 1 cent, or 0.01%, to $73.99 a barrel after gaining 3.4% in the last session.

"The bias is positive over optimistic updates from vaccine maker Moderna ... however the upside looks limited as investors seem to be exercising caution over Omicron-related restrictions," said Ajay Kedia, director at Kedia Commodities in Mumbai.