Oil started off with losses this Monday, with a tumble of over 3%. The rapid contagion with the omicron variant is raising fears that demand for the so-called "black gold" will suffer, while restrictions are tightening in several countries around the world.

West Texas Intermediate (WTI), traded in New York, is currently down 3.98% to $68.04, while North Sea Brent crude, tumbles 3.33% to $71.07 per barrel.

The increase in the number of hospitalizations due to covid-19 and warnings from the World Health Organization (WHO) that omicron has a very fast rate of contagion have further spooked investors, who were already worried about weakening demand for oil in Asia.