Crude oil futures ended lower on Monday, extending their previous session’s losses, on concerns about the outlook for energy demand due to the rapid surge in the Omicron variant of the coronavirus across the globe. Further, a firm dollar amid rising prospects for a series of interest rate hikes weighed as well on crude oil prices. However, downside remained capped as supply disruptions in Kazakhstan and Libya offset worries about rising coronavirus cases.
Benchmark crude oil futures for February delivery fell $0.67 or 0.9 percent to settle at $78.23 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $0.88 or 1.1 percent to settle at $80.87 a barrel on London's Intercontinental Exchange.