Oil prices are falling sharply to start the week, amid expectations that the new coronavirus Omicron variant will lead to tougher travel restrictions around the world. International crude benchmark Brent has slumped 3 percent to around 71 dollars a barrel. The International Energy Agency says markets are heading for surplus in supply, with the Omicron variant threatening to slow down the global economic recovery.

For more, Jeffrey Halley joined us. He's a senior market analyst for the Asia Pacific region at OANDA and joins us from Jakarta.

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