New York’s West Texas Intermediate Crude Oil (WTI) closed down more than 13 percent on Friday, hitting an 11-week low, pressured by concerns about the coronavirus outbreak. vid-19 New species in South Africa
- WTI crude oil contract for delivery in January It fell $10.24, or 13.1%, at $68.15 a barrel. and fell more than 10.4% this week.
- Brent crude oil contract (BRENT) for delivery in Jan. It fell $9.53, or 11.59%, at $72.72 a barrel. and fell more than 8% this week.
Both WTI and Brent crude contracts The worst single-day fall since April 2020 and the market closes at its lowest level since Sept. 9.
United Kingdom announced that It will begin banning flights from six African countries from noon Friday (Nov. 26).
President Joe Biden of the United States announced on Friday that The US will impose travel restrictions on eight African countries. due to the discovery of the COVID-19 virus A new strain called B.1.1.529 is a virus that may be able to evade immunity. Investors are worried that if the new virus spreads widely, it could cause many countries to announce a new round of lockdowns. This will affect the economy and oil demand.
In addition, Canada on Friday banned foreigners who have traveled to South Africa in the last 14 days from entering the country.
The oil market fluctuated heavily on Friday. Due to light trading during the Thanksgiving holiday in the US. The New York oil market is closed for half a day.
By InfoQuest News Agency (27 Nov 64)
Tags: lifestyle, oil, WTI oil, crude oil, oil prices
