Oil prices plunge by US$10, largest fall since April 2020 – CARICOM Business
Oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus, Omicron, spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Oil fell with global equities markets on fears the variant, could dampen economic growth and fuel demand.
Brent crude settled down $9.50, or 11.5%, to $72.72 a barrel, a weekly decline of more than 8%. U.S. West Texas Intermediate (WTI) crude settled down $10.22 on Friday, or 13.04%, at $68.17 a barrel, declining more than 9.4% on the week in high volume trading after Thursday’s Thanksgiving holiday in the United States. Both contracts fell to a fifth week of losses and their steepest falls in absolute terms since April 2020, when WTI turned negative for the first time amid a coronavirus-induced supply glut.
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Extract from CARICOM BUSINESS Vol 4 No. 47