U.S. oil futures finish with a modest loss

Oil futures declined on Monday, with U.S. benchmark prices posting a modest loss as traders continued to monitor the impact of the omicron variant of the coronavirus on global economic activity, and demand for energy. The U.S. Federal Reserve is also scheduled to make an announcement on monetary policy on Wednesday. "If the Fed gets too aggressive, it can slow the economy, but I think those fears are a bit overplayed," said Phil Flynn, senior market analyst at The Price Futures Group. For now, it's likely more of a "worry trade" for oil because of weakness in stocks, he said. January West Texas Intermediate crude fell 38 cents, or 0.5%, to settle at $71.29 a barrel on the New York Mercantile Exchange, following a climb of 1% on Friday.