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Oil prices plunged about $10 a barrel on November 26, 2021, their largest one-day drop since April 2020. The sell-off followed the WHO's designation of the new Omicron variant as a concern and travel restrictions in several countries.
Fears that the variant could curb travel and fuel demand, combined with a looming supply surplus, pressured crude prices sharply lower.
reuters.comLaura SanicolaNov 26, 2021After 32 past bearish disease events, Crude Oil (WTI) moved a median -5.2% over 5 sessions (13% higher; middle half -15.0% to -2.4%), and -5.7% over 20.
After 26 past bearish disease events, Crude Oil (Brent) moved a median -6.0% over 5 sessions (15% higher; middle half -13.3% to -2.0%), and -6.8% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Reports the roughly $10/bbl one-day plunge, the largest since April 2020, driven by the WHO's Omicron designation and travel restrictions that threaten fuel demand.
Largest one-day oil drop since April 2020 after the WHO designated Omicron a variant of concern and travel curbs followed, a demand-sentiment shock inside the window.
Largest daily drop since April 2020 after WHO designated Omicron a variant of concern and travel restrictions followed, hitting demand expectations.
