Oil started this Friday down for the first time in three days on concerns about the impact that the omicron variant and tighter monetary policy may have on demand for the commodity.

In turn, West Texas Intermediate (WTI), traded in New York, is down 0.84% to $71.77, while North Sea Brent crude, the benchmark in the Portuguese market, is down 0.69% to $74.50 per barrel.

Incidentally, the rise in the number of hospitalizations worldwide due to the new variant has spooked investors. Alongside this, there are signs of weakening demand for oil in Asia, while the International Energy Agency warns that supply on the market has again had to outstrip demand as omicron constrains travel.