# Omicron pushes oil prices to three-month lows | OilNOW

> NYMEX January WTI settled at $66.18/b, down $3.77, and ICE January Brent fell $2.87 to $70.57/b, both at their lowest since August 23. The selloff followed Moderna's CEO saying current COVID-19 vaccines may be less effective against the omicron variant, and the WHO had classed omicron as a high global risk. Prompt-dated futures weakened sharply, narrowing backwardation.

- Date: 2021-12-01 · published 2021-12-01T12:00:00.000Z
- Category: macro · region Global · magnitude medium
- Page: https://feedsoft.ai/events/7523-omicron-pushes-oil-prices-to-three-month-lows-oilnow
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Fears of renewed lockdowns and travel restrictions cut expected near-term crude demand, which lowers energy costs and weighs on diesel and other fuel-linked input prices for feed mills and transport.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼
- DIESEL: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2021-12-01 | 5 | -16.5% | -4.7 | WTI fell $3.77 to $66.18 on Nov 30 as Moderna's vaccine-efficacy comments and the WHO's high-risk rating deepened the selloff, a lowest since August. |
| BRENT | 2021-12-01 | 5 | -15.6% | -5.2 | On Nov 30 Brent fell $2.87 to a three-month low after vaccine-efficacy doubts, extending the decline within the window. |
| DIESEL | 2021-12-01 | 5 | -13.2% | -4.2 | Oil fell to three-month lows on Dec 1 as vaccine-efficacy worries grew, extending the selloff within the window. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-03-14 | [Oil falls to three-month low on inflation worries, U.S. bank shutdowns](https://feedsoft.ai/events/37044-oil-falls-to-three-month-low-on-inflation-worries-u-s-bank-shutdowns.md) | -9.5% | +9.1% |
| WTI | 2025-02-01 | [Oil Declines After Trump Says He’ll Push OPEC to Lower Prices](https://feedsoft.ai/events/26674-oil-declines-after-trump-says-he-ll-push-opec-to-lower-prices.md) | -2.1% | -5.8% |
| WTI | 2021-12-15 | [Canadian dollar at nearly 3-month low as oil prices fall \| Reuters](https://feedsoft.ai/events/43853-canadian-dollar-at-nearly-3-month-low-as-oil-prices-fall-reuters.md) | +0.7% | +16.9% |
| WTI | 2021-12-01 | [Oil prices sink again as traders use Omicron as an excuse to hit 'sell' \| Reuters](https://feedsoft.ai/events/6300-oil-prices-sink-again-as-traders-use-omicron-as-an-excuse-to-hit-sell-reuters.md) | +8.8% | +15.8% |
| WTI | 2020-02-26 | [Oil prices drop to lowest in more than a year as coronavirus spreads](https://feedsoft.ai/events/7110-oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads.md) | -5.2% | -55.9% |
| BRENT | 2023-03-14 | [Oil falls to three-month low on inflation worries, U.S. bank shutdowns](https://feedsoft.ai/events/37044-oil-falls-to-three-month-low-on-inflation-worries-u-s-bank-shutdowns.md) | -8.9% | +7.8% |
| BRENT | 2025-02-01 | [Oil Declines After Trump Says He’ll Push OPEC to Lower Prices](https://feedsoft.ai/events/26674-oil-declines-after-trump-says-he-ll-push-opec-to-lower-prices.md) | -2.9% | -3.9% |
| BRENT | 2021-12-01 | [Oil prices sink again as traders use Omicron as an excuse to hit 'sell' \| Reuters](https://feedsoft.ai/events/6300-oil-prices-sink-again-as-traders-use-omicron-as-an-excuse-to-hit-sell-reuters.md) | +6.8% | +9.0% |

## Sources

- oilnow.gy: https://oilnow.gy/news/omicron-pushes-oil-prices-to-three-month-lows

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