Oil prices steady as Omicron worries linger | Reuters

Oil prices steady as Omicron worries linger | Reuters

Oil prices steadied on Tuesday after a sharp fall in the previous session as investors worried about the rapid spread of the Omicron coronavirus variant and the impact of renewed restrictions on fuel demand.

Brent crude was down 8 cents, or 0.1%, at $71.44 a barrel by 0903 GMT, while U.S. West Texas Intermediate (WTI) crude rose 5 cents, or 0.1%, to $68.66 a barrel.

Both contracts rose almost $1 earlier in the session.

"This is a pragmatic market that wants to be bullish but knows relief rallies, like the one this morning, will not last," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.