# WTI, Brent Down 5% Week Over Week on Omicron Variant, Oversupply Risks

> WTI and Brent settled lower on December 3, 2021, with both benchmarks posting steep weekly losses of about 5%. OPEC+ and Russia-led partners agreed to raise quotas by 400,000 barrels per day in January, despite forecasts of growing oversupply in 2022.

- Date: 2021-12-03 · published 2021-12-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6305-wti-brent-down-5-week-over-week-on-omicron-variant-oversupply-risks
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

OPEC+ projections of a supply surplus of up to 3.8 million barrels per day point to lower crude prices ahead. Cheaper energy supports lower production costs for feed manufacturers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-03-10 | [WTI Oil prices drop as G7 mulls reserves, IEA assesses supply risks](https://feedsoft.ai/events/6635-wti-oil-prices-drop-as-g7-mulls-reserves-iea-assesses-supply-risks.md) | -1.3% | +20.4% |
| WTI | 2024-09-27 | [Oil settles higher but falls on the week on firmer supply outlook](https://feedsoft.ai/events/28239-oil-settles-higher-but-falls-on-the-week-on-firmer-supply-outlook.md) | +8.9% | +3.5% |
| WTI | 2022-01-04 | [OPEC+ decision reflects easing concern of oil surplus, Omicron risk \| Reuters](https://feedsoft.ai/events/43058-opec-decision-reflects-easing-concern-of-oil-surplus-omicron-risk-reuters.md) | +2.8% | +16.0% |
| WTI | 2021-07-19 | [Oil piles on losses following OPEC+ deal to boost supply, rising COVID cases \| Reuters](https://feedsoft.ai/events/6357-oil-piles-on-losses-following-opec-deal-to-boost-supply-rising-covid-cases.md) | +0.6% | -4.7% |
| WTI | 2021-04-01 | [OPEC+ Shows Confidence in Economic Recovery With Oil-Supply Hike - Bloomberg](https://feedsoft.ai/events/47505-opec-shows-confidence-in-economic-recovery-with-oil-supply-hike-bloomberg.md) | +0.7% | +9.8% |
| BRENT | 2025-06-06 | [HSBC flags downside risks to Brent price outlook due to OPEC+ supply hikes](https://feedsoft.ai/events/24392-hsbc-flags-downside-risks-to-brent-price-outlook-due-to-opec-supply-hikes.md) | +5.8% | +5.1% |
| BRENT | 2026-03-10 | [WTI Oil prices drop as G7 mulls reserves, IEA assesses supply risks](https://feedsoft.ai/events/6635-wti-oil-prices-drop-as-g7-mulls-reserves-iea-assesses-supply-risks.md) | +4.1% | +27.2% |
| BRENT | 2024-09-27 | [Oil settles higher but falls on the week on firmer supply outlook](https://feedsoft.ai/events/28239-oil-settles-higher-but-falls-on-the-week-on-firmer-supply-outlook.md) | +7.3% | +2.8% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2021/12/03/nymex-wti-futures-gain-2-ahead-us

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