Global oil prices fall by over 2%

Global oil prices fall by over 2% Global oil prices fell on November 26 morning following news of a new coronavirus variant, prompting investors to assess the outlook for demand
Energy
November 26, 2021 09:50
Global oil prices fall by over 2%

Global oil prices fell on November 26 morning following news of a new coronavirus variant, prompting investors to assess the outlook for demand, Report informs referring to the auction data.

As of 8:00 a.m. (GMT+4), January futures for Brent crude oil fell in price by 2.04%, to $80.54 per barrel, while January futures for WTI oil decreased by 2.62%, to $76.33 per barrel.

Oil traders fear that more countries may tighten quarantine restrictions due to the emergence of a dangerous strain of coronavirus, and this will reduce the demand for oil. In addition, concerns increase as a number of countries have freed up crude from strategic reserves.

Earlier in South Africa, a new COVID variant was discovered that could potentially be more dangerous than others, and the World Health Organization (WHO) is convening an emergency meeting on November 26 to discuss the potentially rapidly spreading strain.

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