# Oil drops for sixth straight week as Omicron jolts markets | OPEC News | Al Jazeera

> West Texas Intermediate futures fell 2.8% in the week to December 3, 2021, marking six straight weekly declines, the longest since 2018. The losses came as Omicron spread, with at least six U.S. states reporting cases, and OPEC+ agreed to add 400,000 barrels per day in January.

- Date: 2021-12-03 · published 2021-12-03T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6302-oil-drops-for-sixth-straight-week-as-omicron-jolts-markets-opec-news-al-jazeera
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Investors priced in weaker fuel demand against a rising supply outlook, pushing crude lower. Lower crude reduces energy costs and can weigh on biofuel feedstock prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-07-12 | [Oil falls 8% as global recession fears spook market \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/40647-oil-falls-8-as-global-recession-fears-spook-market-oil-and-gas-news-al-jazeera.md) | -1.5% | -12.2% |
| WTI | 2023-10-24 | [Oil drops for third straight session on weak European economic data \| Reuters](https://feedsoft.ai/events/33793-oil-drops-for-third-straight-session-on-weak-european-economic-data-reuters.md) | -3.2% | -8.8% |
| WTI | 2023-05-01 | [Oil drops 1% as economic growth concerns offset OPEC+ cuts](https://feedsoft.ai/events/36101-oil-drops-1-as-economic-growth-concerns-offset-opec-cuts.md) | -7.1% | -5.6% |
| WTI | 2021-12-04 | [Global Market Insights: Omicron, oil price weigh on CAD; oil outlook buoys Alberta \| article](https://feedsoft.ai/events/43856-global-market-insights-omicron-oil-price-weigh-on-cad-oil-outlook-buoys-alberta.md) | +8.1% | +14.6% |
| WTI | 2023-10-03 | [Oil drops for fourth consecutive day on macroeconomic concerns  \| The National](https://feedsoft.ai/events/7915-oil-drops-for-fourth-consecutive-day-on-macroeconomic-concerns-the-national.md) | -5.4% | -6.8% |
| BRENT | 2022-07-12 | [Oil falls 8% as global recession fears spook market \| Oil and Gas News \| Al Jazeera](https://feedsoft.ai/events/40647-oil-falls-8-as-global-recession-fears-spook-market-oil-and-gas-news-al-jazeera.md) | +0.7% | -9.8% |
| BRENT | 2023-10-24 | [Oil drops for third straight session on weak European economic data \| Reuters](https://feedsoft.ai/events/33793-oil-drops-for-third-straight-session-on-weak-european-economic-data-reuters.md) | -2.0% | -8.9% |
| BRENT | 2023-05-01 | [Oil drops 1% as economic growth concerns offset OPEC+ cuts](https://feedsoft.ai/events/36101-oil-drops-1-as-economic-growth-concerns-offset-opec-cuts.md) | -6.0% | -4.7% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2021/12/3/oil-set-for-6th-straight-weekly-decline-as-micron-jolts-markets

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