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Following a string of session advances, oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange slipped in early trading Wednesday.
Along with rallying equities and a sagging U.S. dollar index, oil futures nearest delivery on the New York Mercantile Exchange and Brent crude traded on the Intercontinental Exchange extended gains into early trade Tuesday.
Oil futures fell more than 1.5% and Brent crude held steady as market participants assessed demand implications from the Omicron-led spike in coronavirus infections amid reports of widespread disruptions to global air travel and new restrictions on economic activity.
Oil futures nearest delivery on the New York Mercantile Exchange were trading near fresh one-month highs and Brent crude on the Intercontinental Exchange at a two-week high late Thursday morning.
Oil futures nearest delivery on the New York Mercantile Exchange and the Brent crude contract on the Intercontinental Exchange were little changed early Wednesday.