11/26/2021, 9:23 AM (Source: TeleTrader)
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Oil extends losses, drops almost 5%

Prices of oil futures accelerated losses on Friday, dropping more than 5% amid fears of the effects which the new COVID-19 strain, initially uncovered in South Africa, could have on the markets and the demand for crude.

Germany, the United Kingdom, Israel, and Italy opted to limit air traffic to and from the African country, while the European Union is considering the use of its "emergency brake " mechanism meant to prevent the spread of new coronavirus variants.

West Texas Intermediate (WTI) for deliveries in January 2022 dropped 4.94% at 3:12 am ET to sell for $74.23 per barrel. A minute later, Brent for the same month's settlements plunged 4.48% to go for $78.56 per barrel.

Baha Breaking the News (BBN) / BU