26.
11.21
16:29

Crude oil price collapses by more than 10%

Crude oil prices have plummeted by more than 10% today. It's the biggest one-day drop since April 2020. A new variant of COVID-19 scares investors and heightened concerns that excess supply could swell in the first quarter.
Oil prices fell as did the global stock market, amid fears that the new coronavirus variant could dampen economic growth and slow demand. The UK and European countries have restricted travel from southern Africa, where the variant was discovered.
The price of crude oil is heading for its fifth week of losses and that is the absolute steepest decline since April 2020.
Many countries reacted in panic today to a new coronavirus variant discovered in South Africa. The European Union and Great Britain tightened their border controls and researchers are trying hard to understand the mutation and want to know whether it is vaccine-resistant.
Hours after Britain banned flights from South Africa and neighboring countries and quarantined travelers from there, the World Health Organization (WHO) warned of hasty travel bans.
Investors also watched China's response to the US releasing millions of barrels of oil from strategic reserves in coordination with other major consumer nations that were part of its attempt to bring prices down.
Such a release is likely to swell supplies in the coming months, an OPEC source said, based on the findings of a panel of experts advising ministers of the Organization of Petroleum Exporting Countries.
The board of directors of the OPEC Economic Commission expects a surplus of 400,000 barrels per day (bpd) in December, which will rise to 2.3 million bpd in January and 3.7 million bpd in February if consumer nations continue with the publications, said the OPEC source.
Forecasts cloud the prospects for a meeting of OPEC and its allies, known as OPEC +, on December 2nd, when the group will discuss whether to expand its plan to increase production by 400 in January and beyond.000 bpd should adapt.
"OPEC's initial assessment of the coordinated (warehouse) clearance and the sudden appearance of a new variant of the coronavirus raises serious concerns about economic growth and the oil balance in the coming months," analysts say.

Source
Hansa Terminhandel GmbH
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