11/30/2021, 7:18 PM (Source: TeleTrader)
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WTI falls 7% amid Omicron concerns

West Texas Intermediate (WTI) futures fell by more than 7% on Tuesday after the uncertainty created by the Omicron coronavirus strain continued to affect global markets and oil demand expectations. Yesterday, US government's energy advisor Amos Hochstein revealed that Washington stands ready to release more oil from the Strategic Petroleum Reserve (SPR) if necessary.

Traders will await the latest report on the United States crude oil inventory levels, set to be released by the American Petroleum Institute later in the day.

West Texas Intermediate (WTI) for settlements in January 2022 plunged 7.65% to sell for $64.68 per barrel at 1:12 pm ET, while Brent for deliveries in the same month was down 4.32%, going for $70.27 per barrel at the same time. Both dropped to levels unseen in over three months.

Baha Breaking the News (BBN) / MS