Crude oil futures were marginally lower during mid-morning trade in Asia Dec. 8, as investors booked profits after a stellar 2-day rally that erased some of the heavy losses sustained over late November.
At 10:42 am Singapore time (0221 GMT), the ICE February Brent futures contract was down 5 cents/b (0.07%) from the previous close at $75.39/b, while the NYMEX January light sweet crude contract fell 5 cents/b (0.07%) at $72/b. Crude prices have added close to 10% in value over the last two days alone as emerging reports continued to cement the view that the omicron variant of the coronavirus, though more transmissible, was less deadly than earlier strains. Analysts said oil prices were ripe for some profit-taking, though the upward momentum remained intact in the longer term. Crude prices were currently hovering not far from […]