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Oil futures slipped in late trading on Wednesday after the CDC confirmed an Omicron case in the US. Brent fell 0.2% to $69.08 and WTI fell 0.4% to $65.90, retracing gains after an OPEC+ document forecast a larger surplus for early 2022.
Demand concerns from the new variant combined with a forecast larger OPEC+ surplus point to weaker crude prices. Lower energy costs reduce pressure on biofuel and diesel-linked feed costs.
cnbc.comReutersDec 1, 2021After 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.
After 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.
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 an Omicron case confirmed in the US and an OPEC+ document forecasting a bigger early-2022 surplus kept Brent weak at the end of the window.
