Oil edge lower as investors try to assess Omicron's full impact

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TOKYO : 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 0.3per cent, to US$75.19 a barrel at

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TOKYO : 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.

"After having been oversold last week on fears about the Omicron's impact, there has been a correction this week on signs the Omicron may be mild," said Hiroyuki Kikukawa, general manager of research at Nissan Securities. British drugmaker GSK, meanwhile, said on Tuesday its antibody-based COVID-19 therapy with U.S. partner Vir Biotechnology is effective against all mutations of the Omicron variant.

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