Oil drops over COVID-19 variant fears

2021-11-29

Concerns over the COVID-19 Omicron variant sent Brent crude oil down 11.6% on Friday, while West Texas Intermediate dropped 13.1% to $68.15 a barrel. Both declines were the steepest one-day drop since April 2020 and analysts say the sell-off was "exacerbated" by algo-driven trading and options market activity.

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