# Oil turns lower as Covid variant is confirmed in the U.S.

> 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.

- Date: 2021-12-01 · published 2021-12-01T12:00:00.000Z
- Category: disease · region US · magnitude low
- Page: https://feedsoft.ai/events/6815-oil-turns-lower-as-covid-variant-is-confirmed-in-the-u-s
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

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.

## 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 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. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-11-26 | [Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns](https://feedsoft.ai/events/4770-oil-drops-13-in-worst-day-of-2021-breaks-below-70-as-new-covid-variant-sparks.md) | -15.0% | -5.7% |
| WTI | 2021-11-26 | [OIL FUTURES: Crude futures plunge by more than 10% on new COVID-19 variant concerns](https://feedsoft.ai/events/4771-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant.md) | -15.0% | -5.7% |
| WTI | 2021-11-26 | [Algos and options turn a tumble into a crash on oil's Black Friday - The Business Times](https://feedsoft.ai/events/7080-algos-and-options-turn-a-tumble-into-a-crash-on-oil-s-black-friday-the-business.md) | -15.0% | -5.7% |
| WTI | 2020-01-22 | [Fueled by concerns over the ‘China virus,’ oil markets tumble - FreightWaves](https://feedsoft.ai/events/12373-fueled-by-concerns-over-the-china-virus-oil-markets-tumble-freightwaves.md) | -8.4% | -8.5% |
| WTI | 2020-01-28 | [Diesel Slump Turns Into a Rout as Virus Locks Down Cities - Bloomberg](https://feedsoft.ai/events/12371-diesel-slump-turns-into-a-rout-as-virus-locks-down-cities-bloomberg.md) | -5.7% | -6.2% |
| BRENT | 2021-11-26 | [Oil drops 13% in worst day of 2021, breaks below $70 as new Covid variant sparks global demand concerns](https://feedsoft.ai/events/4770-oil-drops-13-in-worst-day-of-2021-breaks-below-70-as-new-covid-variant-sparks.md) | -14.7% | -6.8% |
| BRENT | 2021-11-26 | [OIL FUTURES: Crude futures plunge by more than 10% on new COVID-19 variant concerns](https://feedsoft.ai/events/4771-oil-futures-crude-futures-plunge-by-more-than-10-on-new-covid-19-variant.md) | -14.7% | -6.8% |
| BRENT | 2021-11-26 | [Algos and options turn a tumble into a crash on oil's Black Friday - The Business Times](https://feedsoft.ai/events/7080-algos-and-options-turn-a-tumble-into-a-crash-on-oil-s-black-friday-the-business.md) | -14.7% | -6.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2021/12/01/oil-markets-opec-meeting-omicron-covid-variant.html

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