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Oil prices fell below $75 a barrel on Wednesday,, as investors assessed the impact of the on the global economy and fuel demand.

Brent crude futures were down 83 cents, or 1.1 percent, to $74.61 a barrel at 1113 GMT, after settling 3.2 percentÌýhigher on Tuesday.

USÌýWest Texas Intermediate crude was at $71.07 a barrel, down 98 cents or 1.4 percent,Ìýhaving gained 3.7 percentÌýin the previous session.

After falling by more than 16 percentÌýsince NovemberÌý25 to around $69 a barrel, Brent crude prices have rebounded by over 8 percentÌýsince DecemberÌý1 on signs

"Around two thirds of the previous price slide (has) been corrected, a downswing that had been brought about by demand concerns sparked by the new Omicron variant. These now appear to be exaggerated," Commerzbank said in a note.

"There has been no noticeable slowing effect on oil demand as yet. Even aviation, the sector that should have been hit first, has seen only a marginal decrease in seating capacity."

But reports that n was set to tighten Covid-19Ìýrestrictions, including advice to work from home, revived fears of a slow down in activity.

The market was also focused on rising geopolitical tensions as were set to resume this week as Western officials voiced dismay at sweeping Iranian demands.Ìý

An easing of USÌýsanctions is expected to lead to higher exports of Iranian oil, which could add downward pressure on oil prices.

Meanwhile,also remained high after US President Joe Biden warned Russian President Vladimir Putin on Tuesday that the West would impose "strong economic and other measures" on Russia if it invades Ukraine, while Putin demanded guarantees that NATO would not expand farther eastward.Ìý