Oil prices drop to two-month lows, scaring new COVID variants

Oil prices fell more than 5% on Friday, raising concerns that a new variant of COVID19 could scare investors and boost oversupply in the first quarter, hitting a two-month low. rice field.

Oil is a global stock amid concerns that what British scholars consider to be the most important variant ever discovered could limit travel, weaken economic growth and fuel demand. It fell with the market [MKTS / GLOB].

By 1035 GMT, Brent crude fell $ 4.68 (5.6%) to $ 77.54 a barrel. On Thursday after the US Thanksgiving holiday, 4,444 West Texas Intermediate (WTI) crude fell $ 5.20 (6.6%) to $ 73.19 a barrel. Also, 4,444 investors saw China’s reaction to the US releasing millions of barrels of oil from its strategic stockpiles in collaboration with other major consumers as part of an attempt to lower prices. rice field.

According to OPEC sources, such releases are likely to inflate supply in the coming months, based on findings from an expert committee advising the Minister of OPEC. The Economic Commission expects a daily surplus of 400,000 barrels (bpd) in December, 2.3 million barrels in January and 3.7 million barrels in February as consumers push for releases. OPEC said it would rise to.

The forecast undermines the outlook for a meeting of OPEC and its allies on December 2, known as OPEC +, and the group will discuss whether to adjust plans to increase production by 400,000 barrels / day after January.

“The initial assessment of OPEC-adjusted (warehouse) clearance and the sudden emergence of new variants of the corona virus raise serious concerns about economic growth and oil balance in the coming months,” said a PVM analyst. Tamas Barga said.

Indirect negotiations between Iran and the United States will resume on Monday over the revival of nuclear transactions in 2015, which may also focus on Iran’s production and could lead to the lifting of U.S. sanctions on Iran’s oil exports. It was planned. Eurasian analyst Henry Roma said the failure of Iran and the International Atomic Energy Agency to reach a modest agreement this week to monitor Tehran’s nuclear facilities heralds next week’s talks.