Crude prices fell over three percent on Tuesday amid concerns over omicron coronavirus variant and its impact on oil demand. At 1415 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $2.64 (-3.59 percent) to reach $70.80 a barrel. Similarly, the US West Texas Intermediate (WTI) price reached $67.40 a barrel, down by $2.55 (-3.65 percent). The price for Opec Basket was recorded at $76.09 a barrel with a decrease of 6.42 percent, Arab Light was available at $73.36 with 3.60 percent decrease, and the price of Russian Sokol slipped to $72.80 with a decrease of 5.28 percent. Crude oil futures posted sharp losses as the World Health Organisation said the new omicron variant poses a high global risk, and a major pharmaceuticals company said currently available COVID-19 vaccines are less effective against it. Oil prices posted losses once again and almost completely eliminated the partial gains of the previous day, bringing current levels close to the November 26 close. The main trigger for the more bearish sentiment was comments made by Moderna’s chief regarding current vaccines’ efficacy being limited against the omicron variant, adding that development and production of a more effective version could take months.