# Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns

> 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.

- Date: 2021-11-26 · published 2021-11-26T12:00:00.000Z
- Category: disease · region Global · magnitude high
- Page: https://feedsoft.ai/events/4770-oil-drops-13-in-worst-day-of-2021-breaks-below-70-as-new-covid-variant-sparks
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expected travel curbs and possible lockdowns threaten fuel demand just as supply is set to rise, pushing crude prices lower.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-11-26 | 1 | -11.8% | -8.6 | 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 | 2021-12-01 | 5 | -15.6% | -5.2 | Brent fell 11.55% on Nov 26 as the Omicron variant sparked demand fears, which accounts for most of the 5-day decline. |
| WTI | 2021-12-01 | 5 | -16.5% | -4.7 | WTI fell 13% on Nov 26 on Omicron demand fears, the main driver of the 5-day decline. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-01-27 | [Oil drops below $60 as China virus drives demand concern \| Fox Business](https://feedsoft.ai/events/54975-oil-drops-below-60-as-china-virus-drives-demand-concern-fox-business.md) | -4.7% | -5.1% |
| WTI | 2021-12-01 | [Oil turns lower as Covid variant is confirmed in the U.S.](https://feedsoft.ai/events/6815-oil-turns-lower-as-covid-variant-is-confirmed-in-the-u-s.md) | +8.8% | +15.8% |
| WTI | 2021-11-26 | [OIL FUTURES: Crude futures plunge by more than 10% on new COVID-19 variant concerns](https://feedsoft.ai/events/4771-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant.md) | -15.0% | -5.7% |
| WTI | 2021-11-26 | [Oil price drops 10% in biggest one-day fall since early days of pandemic](https://feedsoft.ai/events/4772-oil-price-drops-10-in-biggest-one-day-fall-since-early-days-of-pandemic.md) | -15.0% | -5.7% |
| WTI | 2021-11-26 | [Oil crashes as coronavirus strain threatens demand recovery \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/4773-oil-crashes-as-coronavirus-strain-threatens-demand-recovery-oil-and-gas-news-al.md) | -15.0% | -5.7% |
| BRENT | 2020-01-27 | [Oil drops below $60 as China virus drives demand concern \| Fox Business](https://feedsoft.ai/events/54975-oil-drops-below-60-as-china-virus-drives-demand-concern-fox-business.md) | -3.4% | -2.4% |
| BRENT | 2021-12-01 | [Oil turns lower as Covid variant is confirmed in the U.S.](https://feedsoft.ai/events/6815-oil-turns-lower-as-covid-variant-is-confirmed-in-the-u-s.md) | +6.8% | +9.0% |
| BRENT | 2021-11-26 | [OIL FUTURES: Crude futures plunge by more than 10% on new COVID-19 variant concerns](https://feedsoft.ai/events/4771-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant.md) | -14.7% | -6.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/11/26/oil-tumbles-5percent-as-new-covid-variant-sparks-global-demand-concerns.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.