Crude oil futures ended sharply lower on Monday as surging cases of the Omicron coronavirus variant in Europe and the United States stoked investor worries that new restrictions to combat its spread could dent fuel demand. Several countries, including France and Austria, have already imposed stricter rules for travelers to curb the rising wave of infections. Meanwhile, French Prime Minister Jean Castex has warned that the Omicron variant is spreading at lightning speed and that it should be the dominant variant by the start of next year. The country has imposed restrictions on travelers from the United Kingdom.
Benchmark crude oil futures for January delivery fell $2.63 or 3.7 percent to settle at $68.23 a barrel on the New York Mercantile Exchange. Brent crude for February delivery dropped $2 or 2.7 percent to settle at $71.52 a barrel on London's Intercontinental Exchange.