Oil prices decreased on Friday spurred by anticipated lower global oil demand from surging COVID-19 omicron variant cases and the potential adoption of more restrictive measures.

International benchmark Brent crude was trading at $74.53 per barrel at 0719 GMT for a 0.65% decrease after closing the previous session at $75.02 a barrel.

American benchmark West Texas Intermediate (WTI) was at $71.80 per barrel at the same time for a 0.80% loss after trade ended at $72.38 a barrel in the previous session.

With reports of more cases of the omicron coronavirus variant across Europe, countries are bracing for a new wave and weighing additional measures to curtail its spread.

After reporting the first death from omicron on Monday, the UK recorded its highest daily number of COVID-19 cases on Wednesday since the start of the pandemic.

France on Thursday announced tighter border controls with the UK, where an exponential rise in cases of the new omicron variant has emerged.

Danish Prime Minister Mette Frederiksen also warned the government could impose further curbs to limit the spread of the variant.

Spain extended entry limitations from nine southern African countries until Dec. 29 to contain the omicron surge.

The market is also closely watching developments before the next meeting of the Organization of Petroleum Exporting Countries and its allies, known as OPEC+, on Jan. 4.

At the previous meeting on Dec. 2, the cartel agreed to raise output by 400,000 barrels per day in January. However, they did not rule out holding urgent meetings to review their policy depending on pandemic developments./aa