Oil Pares Losses as Traders Weigh Omicron, U.S. Stockpile Drop

Oil pared losses as traders weighed the rapid spread of the omicron Covid-19 variant worldwide against the biggest drop in U.S. crude stockpiles since September.

Futures in New York traded near $70 a barrel after falling as much as 1.9% earlier on Wednesday. The U.K. reported the most new daily coronavirus cases since the pandemic began, underscoring the new strain’s high rate of transmission. Total U.S. stockpiles fell 4.58 million barrels last week, a government report showed.