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11/26/2021, 4:47 PM (Source: TeleTrader)
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Oil drops 10% on growing virus concerns

Prices of crude oil futures declined as much as 10% on Friday as fears of the economic impact of the new coronavirus strain and the rising number of travel restrictions imposed worldwide continued to affect market sentiment.

Yesterday, referring to the decision by several major economic powers to release oil from their respective reserves, the Iraqi Oil Ministry warned that excessive amounts of oil on the global market could lead to a "collapse" in prices.

West Texas Intermediate (WTI) for settlements in January 2022 was down 9.86% to sell for $70.41 per barrel at 10:46 am ET, while Brent for deliveries in the same month decreased by 9.41%, going for $74.48 per barrel a minute later. Both fell to levels unseen in over two months.

Baha Breaking News (BBN) / MS