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Oil prices under pressure amid slew of headlines

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Yahoo Finance's Ines Ferre breaks down the dips crude oil is experiencing amid headlines investors are paying close attention to, including the market's reaction to continued Omicron variant news.

Video Transcript

- Well, oil slipped a little bit during the session as new doubts over the omicron variant continue to plague the oil markets. The UK reporting its first death tied to the variant. Still, OPEC optimistic about output for next year. Here with where crude settled is our Yahoo Finance's Ines Ferre.

INES FERRE: And Karina, taking a look at WTI futures, you're taking a look at settling of $71.29 a barrel for January futures. That's down more than half of a percent for the session today. Brent crude is also lower today, down about 1%. Today's pressure on prices may be because of some doubts from Oxford University about the effectiveness of the vaccine on the omicron variant.

Also some interesting commentary and some price action that we saw earlier today based on that commentary from Saudi Arabia's energy minister warning traders against shorting oil prices, saying that OPEC Plus could react quickly to any decrease in prices. OPEC Plus decided to continue with plans to raise daily oil output by about 400,000 barrels in January. But when they made that decision, they left the door open to be able to reverse that decision if the market conditions were to change.

And the energy minister saying that he calls his friends every day and they chat and share notes. So that thread may have bolstered some prices a little bit with some of the action that we saw earlier, some of the volatility we saw throughout the session earlier today, making traders a little bit warier of shorting for fear of prices going up. January 4 will be the next OPEC Plus meeting. And by the way, I do want to mention that last week, WTI and Brent gained 8%, the first weekly gain in the last seven. Karina, Alexis.

- All right, Yahoo Finance's Ines Ferre breaking down what's going on in the oil patch for us. Thank you so much.