Platform in the Campos Basin
by Arathy Somasekhar
(Reuters) – Oil futures fell on Wednesday after an early recovery failed and sales picked up on concerns that the Ômicron variant of the coronavirus could reduce oil demand as global supplies increase. .
Towards the end of the session, oil prices fell into negative territory after US officials said the Ômicron variant – considered to be more transmissible than previous strains of the coronavirus – was found in the country.
“When the markets are hit by news about Frankenstein variants, you sell and ask questions later,” said John Kilduff, a partner at Again Capital LLC in New York, who expects more bullish momentum to return whenever WTI exceeds $70 the barrel.
US WTI oil futures closed down 61 cents, or 0.9%, at 65.57 dollars a barrel. During the session, they even advanced 4%. The global benchmark Brent fell $0.36, or 0.5%, to $68.87 a barrel.
Benchmark oil futures have been under pressure for weeks amid factors ranging from the new coronavirus variant to the US decision to release barrels of oil from emergency reserves in conjunction with other countries.
First month Brent and WTI contracts in November posted their biggest monthly declines in percentage terms since March 2020, with Brent down 16% and WTI down 21%.
(Additional reporting by Sonali Paul in Melbourne and Koustav Samanta in Singapore)
See too
+ Horoscope: check today’s forecast for your sign
+ Video: Driver leaves Tesla car on autopilot and sleeps on SP highway
+ Food stamps: understand what changes with new rules for benefit
+ See which were the most stolen cars in SP in 2021
+ Expedition identifies giant squid responsible for ship wreck in 2011
+ Everything you need to know before buying a crockpot
+ Discovered in Armenia most eastern aqueduct of the Roman Empire
+ US Agency warns: never wash raw chicken meat
+ Passenger attacks and pulls out two stewardess teeth
+ Aloe gel in the drink: see the benefits
+ Lemon-squeezing trick becomes a craze on social media
+ Lake Superior: the best freshwater wave in the world?
#Prices #plummet #traders #Ômicron #reason #sell #ISTOÉ #MONEY
source https://pledgetimes.com/prices-plummet-again-with-traders-using-omicron-as-a-reason-to-sell-istoe-money/
Disqus comments