Oil sunk as fear of Omicron variant remained dominant

International benchmarks for crude oil extended the weakening trend on Wednesday, 1 December 2021 as investors remained concerned over the severity of the new coronavirus variant. Meanwhile, the Federal Reserve might lift interest rates sooner than expected in 2022. 

Brent loses 36 cents to close at $68.87/barrel. 

WTI dip 61 cents to close at $65.57/barrel.