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WTI crude futures settled down 61 cents, or 0.9%, at $65.57 a barrel on December 1, 2021, after an early rally faded. Prices fell further after U.S. officials said the Omicron variant had been detected in the country.
Brent settled down 36 cents at $68.87.
Fears that Omicron would cut fuel demand while OPEC+ and consumer nations added supply pushed crude lower. Weaker crude softens diesel and energy costs for feed producers and can pressure biofuel-linked soybean oil demand.
reuters.comArathy SomasekharDec 1, 2021After 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
After 312 past bearish macro events, Crude Oil (Brent) moved a median -1.7% over 5 sessions (38% higher; middle half -5.4% to +2.3%), and -1.7% 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.
On Dec 1 prices settled lower as Omicron was detected in the US, adding to the window's losses.
WTI fell further on Dec 1 as Omicron was detected in the US, adding to the end of the window's losses.
