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Brent crude fell 10.7% to about $73.45 a barrel on Friday afternoon after European and Asian countries imposed immediate travel restrictions over a new Covid-19 variant. The drop was the largest one-day fall since the early days of the pandemic.
Travel restrictions reduce expected oil consumption, which pushes Brent and related energy prices sharply lower.
theguardian.comJillian AmbroseNov 26, 2021After 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.
After 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.
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.
Shows Brent down about 10.7% intraday after European and Asian travel restrictions, a direct demand-destruction mechanism.
Brent fell about 10.7% as travel restrictions raised expectations of lower fuel demand.
