Financial Markets Rise, Oil Price Falls More Than 3%
Brent naphtha fell to $ 71.16 per barrel / Photo: Flickr, unsplash.com
After the CEO of Moderna Stefan Bansel publicly questioned the effectiveness of the COVID-19 vaccine against the omicron variant of the coronavirus, financial markets have rocked, fueling fears over oil demand. As a result, the price of the mineral fell by 3.1%.
The reason for the fall is reported by the financial information provider – Bloomberg agency.
The cost of January futures on Brent on the london exchange ICE Futures by 14:43 on Tuesday it amounted to $ 71.16 per barrel, which is $ 2.28 (3.10%) below the price at the close of the previous session.
At the same time, at a certain moment of trading, the price of this variety reached a 12-week low at $ 70.51 per barrel.
Futures price on WTI in January at electronic trading on the New York Mercantile Exchange (NYMEX) is by this time $ 68.12 per barrel, which is $ 1.83 (2.62%) below the final value of the previous session.
Bloomberg notes that the price of oil as a whole fell by 20% in November. This is the largest drop since March 2020, once the outbreak of the pandemic suspended global consumption.
Giovanni Staunovo, an analyst at UBS Group AG in Zurich that such a course of events could threaten the economic recovery:
“There is uncertainty about how Omicron is affecting oil demand. This is likely to keep oil prices volatile in the coming weeks,” he said.
The Organization of the Petroleum Exporting Countries and its allies are going to weed out all doubts and sort out the problem that has arisen due to the new stamp of the coronavirus on Thursday, December 2. The main agenda of the meeting is whether to suspend the monthly increase in supplies.
Why are oil prices jumping so much?
Literally on Monday, November 29, the oil price rose to 4%. The reason is the same – the threat of a new coronavirus stamp. The question arises: from now on Omicron controls oil prices?
At the end of October, prices reached a record high – $ 80 per barrel … All forecasts of experts were smashed to smithereens. And the reason for this leap is the increased demand for energy resources.
What will happen next with oil prices, and OPEC meeting results on Thursday read in the materials “Today”.
Earlier we also wrote about the prices for gasoline and diesel in December.
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Source From: Segodnya
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