11/26/2021, 7:28 AM (Source: TeleTrader)
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Oil plunges near 3% amid virus, oversupply fears

Prices of oil futures tumbled almost 3% on Friday as the traders monitored the latest developments on the COVID front, with more and more countries deciding to limit air traffic to and from South Africa and the surrounding nations after the emergence of a new virus variant.

Meanwhile, worries over increased supply brought by a coordinated strategic petroleum reserve release persisted, seemingly adding to the negative sentiment.

West Texas Intermediate (WTI) for deliveries in January 2022 dropped 2.8% at 1:16 am ET to sell for $75.91 per barrel. A minute later, Brent for the same month's settlements lost 2.55% to go for $80.12 per barrel.

Baha Breaking the News (BBN) / BU