Oil prices are steady as China’s COVID fears face off with tight supply concerns. “The oil market is being pulled in two directions with exceedingly tight physical fundamentals set against forward-looking demand concerns and signs of price-induced demand destruction,” analysts at EBW Analytics said in a note. Early in the day, the market was rattled by the news of a new highly transmissible Omicron variant in Shanghai could lead to another round of mass testing. “The combined impact of concerns of global economic slowdown and a renewed COVID outbreak could hardly come at a worse time for oil markets,” Investec Risk Solutions said in a note. WTI closed down 70 cents to settle at $104.09. Brent closed up 8 cents to close at $107.10. to deliver on pledged product