The price of crude oil fell four percent on Friday, along with other financial markets, due to fears among investors that the covid-19 omicron variant could slow economic growth and again restrict the movement of people and goods.

Brent crude oil futures extended declines for a third session, falling $3.16, or 3.8%, to $79.06 per barrel by 07:33 GMT. U.S. West Texas Intermediate (WTI) crude was down $3.45, or 4.4%, at $74.94 per barrel. There was no deal for WTI on Thursday.

"Oil prices are likely to fall on the Asian continent as the omicron variant [of covid-19] sparks growth concerns, leading to a wave of selling across Asian energy markets," Jeffrey Halley, a senior analyst at broker OANDA, said in a note.

Among investors the concern is that, as a result of the restrictions, there will be a global supply surplus in the first quarter of 2021, after the release of crude reserves by the United States and other countries.

According to the findings of an expert panel advising the ministers of the Organization of the Petroleum Exporting Countries (OPEC), such a release is likely to increase supplies in the coming months.

The Economic Commission Council (ECB) expects a surplus of 400,000 barrels per day (bpd) in December, expanding to 2.3 million bpd in January and 3.7 million bpd in February if consuming nations move forward with the release, according to an OPEC source.