Crude oil futures ended lower on Monday on account of concerns about the outlook for energy demand amid worries about the impact of the Omicron variant of the coronavirus on global economic recovery. The Omicron coronavirus variant has been detected in more than 60 countries so far. Oxford University said vaccines showed to induce lower levels of protection against Omicron. Meanwhile, traders also looked ahead to the Federal Reserve's monetary policy announcement, due on Wednesday. The Bank of Japan, the European Central Bank and the Bank of England will also announce their respective monetary policies this week.
Benchmark crude oil futures for January delivery fell $0.38 or about 0.5 percent to settle at $71.29 a barrel on the New York Mercantile Exchange. Brent crude for February delivery declined $0.73 or 1 percent to settle at $74.42 a barrel on London's Intercontinental Exchange.
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