# Oil prices sink again as traders use Omicron as an excuse to hit 'sell' | Reuters

> 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.

- Date: 2021-12-01 · published 2021-12-01T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6300-oil-prices-sink-again-as-traders-use-omicron-as-an-excuse-to-hit-sell-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2021-12-01 | 5 | -15.6% | -5.2 | On Dec 1 prices settled lower as Omicron was detected in the US, adding to the window's losses. |
| WTI | 2021-12-01 | 5 | -16.5% | -4.7 | WTI fell further on Dec 1 as Omicron was detected in the US, adding to the end of the window's losses. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-08-04 | [Oil prices hit lowest since Ukraine invasion amid recession fears \| Reuters](https://feedsoft.ai/events/12795-oil-prices-hit-lowest-since-ukraine-invasion-amid-recession-fears-reuters.md) | +1.5% | -2.7% |
| WTI | 2021-07-16 | [Oil prices anticipate increase in production \| Reuters](https://feedsoft.ai/events/46225-oil-prices-anticipate-increase-in-production-reuters.md) | +0.6% | -3.6% |
| WTI | 2026-07-27 | [Canadian dollar hits near two-week low as oil prices drop \| Reuters](https://feedsoft.ai/events/18591-canadian-dollar-hits-near-two-week-low-as-oil-prices-drop-reuters.md) | -3.3% | -2.6% |
| WTI | 2021-05-19 | [Oil prices dive $2 on fears of Asian pandemic, possible U.S. rate hikes \| Reuters](https://feedsoft.ai/events/47009-oil-prices-dive-2-on-fears-of-asian-pandemic-possible-u-s-rate-hikes-reuters.md) | +1.1% | +10.0% |
| WTI | 2020-02-27 | [Oil prices dive to lowest in over a year on coronavirus fears \| Reuters](https://feedsoft.ai/events/7109-oil-prices-dive-to-lowest-in-over-a-year-on-coronavirus-fears-reuters.md) | -3.9% | -55.0% |
| BRENT | 2022-08-04 | [Oil prices hit lowest since Ukraine invasion amid recession fears \| Reuters](https://feedsoft.ai/events/12795-oil-prices-hit-lowest-since-ukraine-invasion-amid-recession-fears-reuters.md) | +1.9% | -2.8% |
| BRENT | 2026-09-18 | [Ringgit opens higher against US dollar as oil prices ease \| The Star](https://feedsoft.ai/events/17729-ringgit-opens-higher-against-us-dollar-as-oil-prices-ease-the-star.md) | -0.3% | +5.0% |
| BRENT | 2021-07-16 | [Oil prices anticipate increase in production \| Reuters](https://feedsoft.ai/events/46225-oil-prices-anticipate-increase-in-production-reuters.md) | +0.0% | -3.3% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/oil-rises-1-ahead-opec-meeting-under-omicron-cloud-2021-12-01/

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