“Oil drops 10% in worst day of the year as new Covid variant sparks global demand concerns”
November 26, 2021
“Oil prices tumbled to the lowest level in more than two months Friday as the new Covid-19 strain sparked fears about a demand slowdown just as supply increases. The leg lower came amid a broad sell-off in the market with the Dow dropping more than 800 points. The World Health Organization warned Thursday of a new Covid variant detected in South Africa. It could potentially be more resistance to vaccines thanks to its mutations, although the WHO said further investigation is needed.
U.S. oil declined 10.1%, or $7.95, to $70.44 per barrel for its worst day since April 2020. International benchmark Brent crude futures slid 9.4% to $74.53 per barrel…”