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US crude settled down 13.06% at $68.15 a barrel, its worst day of 2021, and fell below $70 for the first time since November 2020. Brent settled 11.55% lower at $72.72 as a broad market sell-off followed the new Covid variant found in South Africa.
Expected travel curbs and possible lockdowns threaten fuel demand just as supply is set to rise, pushing crude prices lower.
cnbc.comPippa StevensNov 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.
Directly reports Brent settling 11.55% lower on Nov 26 as the new Covid variant triggered a broad demand-driven sell-off, matching the size of the move.
Brent fell 11.55% on Nov 26 as the Omicron variant sparked demand fears, which accounts for most of the 5-day decline.
WTI fell 13% on Nov 26 on Omicron demand fears, the main driver of the 5-day decline.
