(Bloomberg) — declined as the trading volumes dwindled moving into holiday periods, but still managed to make a weekly profit on signs the the omicron virus variant may be less serious than the previous strains.

On Friday, futures in London fell 0.5% to $76 per barrel. Omicron is causing some restrictions on travel and surging infection. However, the U.K.’s health agency stated that the variant of omicron was not likely to cause hospitalizations as compared to the delta strain. Because of lower volumes, the market was more susceptible to volatility and price swings that were unpredictable this week.

After a strong rebound from the pandemic, oil is on track for an annual gain. However, the rally has slowed down recently due to concern about the omicron. However, there are signs that tightening is happening, such as supply disruptions in Nigeria and Libya. The possibility of more oil products being needed to power the future is increasing due to Europe’s energy shortage.

“If the omicron variant is indeed less deadly, then the economic recovery won’t be derailed and oil consumption will rise into 2022,” said Jeffrey Halley, senior market analyst at Oanda Asia Pacific Pte. “The news flow around omicron makes conditions perfect for an oil price rally.”

According to the U.K. Health Security Agency, Omicron is less serious but more infectious than other strains. The agency stated that a person infected by the variant will be 50%-70% less likely to need hospital admissions than if they are infected by the Delta strain.

Marathon Petroleum Corp. (NYSE:) received a second tranche of strategic reserves from the U.S. as part of the Biden administration’s effort to lower energy costs. South Korea became the first Asian country to pledge to tap the emergency stocks under the coordinated initiative.