Crude oil prices edged lower amid demand concerns after jumping to the highest since November 26 a day earlier. As of 1300 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.31 (-0.39 percent) to reach $78.92 a barrel. On the other hand, the US West Texas Intermediate (WTI) price reached $76.16 a barrel, down by $0.40 (-0.52 percent). The price for Opec Basket was recorded at $74.23 a barrel, Arab Light was available at $77.54 and the price of Russian Sokol remained $77.87 a barrel. No change was recorded in the prices of these three benchmarks. The Omicron variant of coronavirus threatens to dent oil consumption globally. Governments around the world are tightening restrictions to stop the spread of the Omicron variant. Meanwhile, Saudi Arabia’s King Salman said the Opec+ production agreement was “essential” for oil market stability and urged all participating countries to comply with the pact. Oil market stability and balance are pillars of Saudi energy policy as crude oil supports the growth of the global economy, King Salman said in an annual speech to Saudi Arabia’s advisory Shura Council. The kingdom is “keen to continue working with the Opec+ agreement, for its essential role in stabilising the oil markets,” he said in a speech published by state news agency SPA. He also said efforts to maintain spare capacity had proven important to safeguard energy supply security. Opec+ group, led by Saudi Arabia and Russia, has been instrumental in helping to balance the crude market, which had to deal with record low prices last year after demand for oil dropped amid Covid-19 pandemic-induced movement restrictions. The group executed a historic reduction of 9.7 million barrels per day between May last year and July, but has tapered the supply cuts as demand improved.