Oil prices plummet in November due to concerns about Omikron

Asia's Tech News Daily

Oil prices plummet in November due to concerns about Omikron

Photo: ANP

Oil prices fell sharply in November, mainly due to concerns about the new Omikron variant of the corona virus and its possible impact on oil demand. Prices have fallen nearly 20 percent since the beginning of this month, marking the biggest monthly drop this year.

The price of a barrel of US WTI oil (159 liters) fell 2.5 percent on Tuesday afternoon to $ 68.19 and Brent oil, the benchmark for oil from Europe, the Middle East and Africa, fell 2.8 percent to $71.40 a barrel. Prices are under pressure due to comments from the CEO of pharmaceutical company Moderna that the current vaccines are probably less effective against the new corona variant. He also stated that it could take months to develop and produce a new vaccine.

On Friday, oil prices plunged more than 10 percent amid fears among traders about Omikron and fears of new travel restrictions and a weakening economy. Monday saw some price recovery.

The CEO of the Norwegian state oil and gas group Equinor thinks that Omikron’s impact on the energy market will be smaller than with previous virus outbreaks. According to Anders Opedal, that impact is limited because vaccinations allow companies to remain open more and the demand for energy remains intact. According to him, economic growth can be slowed down somewhat by the variant.

Oil group OPEC+ will meet later this week about production. There is speculation that OPEC+ could waive its planned January production increase due to uncertainty about the new corona variant.

Oil prices plummet in November due to concerns about Omikron
Source link Oil prices plummet in November due to concerns about Omikron

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