Oil edge lower as investors try to assess Omicron impact

Oil prices edged lower on Wednesday, reversing gains from earlier the week, as investors tried to assess the full impact of the Omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines.

Brent crude futures dropped 25 cents, or 0.3 percent, to $75.19 a barrel at 0129 GMT, after settling 3.2 percent higher on Tuesday. US West Texas Intermediate crude was at $71.86 a barrel, down 19 cents, or 0.3 percent, having gained 3.7 percent in the previous session.