Oil Prices Rebound After ‘Black Friday’ Crash In November

Cat:

Related stories

Oil Prices Dip as OPEC+ Boosts Supply

Crude oil prices fell at the start of...

Ranked: The Biggest Currency Drops So Far in 2025

Key Takeaways The Venezuelan bolívar has fallen the most...

Our Officers Deployed To Maintain Order Not To Prevent PDP NEC Meeting — Police

By Kolawole Ojebisi The Federal Capital Territory Police Command has...

Don’t Let Ganduje’s Resignation Divide Us, Dalori Appeals To APC NWC Members, Others

By Kolawole Ojebisi Acting National Chairman of the ruling All...

APC To Hold NEC Meeting On July 24

By Kolawole Ojebisi The ruling All Progressives Congress, (APC) has...

…Brent crude stabilized above $75 this week

…On November 26, oil prices crashed by more than 10%, with the front-month futures price for Brent Crude collapsing by $9.50 per barrel

…In the following two weeks, fears have subsided, and Pfizer and BioNTech said this week their booster shot promises to be effective against the Omicron variant

Following one of the biggest daily collapses in the past two decades at the end of November, oil prices have rebounded in recent days in a mini relief rally and were headed early on Friday to their largest weekly gain since August.

As of 9:24 a.m. EST on Friday, WTI Crude was up 1.23% at $71.83 and Brent Crude was trading up 1.01% at $75.20, after fears of a severe impact of the Omicron COVID variant on oil demand started to ease this week.

On November 26, oil prices crashed by more than 10%, with the front-month futures price for Brent Crude collapsing by $9.50 per barrel, or nearly 12%, after the World Health Organization (WHO) designated Omicron as a “variant of concern.”

Daily Brent crude oil prices have fallen by at least 10% on only 8 days since 2000, the U.S. Energy Information Administration (EIA) said in an analysis on Friday.

In the 5,629 trading days since the start of 2000, Brent Crude prices remained within 2% of the previous day’s value 72% of the time. This year, before the November 26 price drop, the most the Brent crude oil price decreased in a single day was 6.9%, on March 18, according to data compiled by the EIA.

Panic over whether the still little-researched new variant will escape vaccine protection led to a crash on all markets on November 26, the day after Thanksgiving, and crude oil led the plunge as countries started to announce bans on flights from African countries. The low liquidity on the oil market in the festive period in the U.S. also contributed to the collapse in prices, which was the largest one-day crash since April 2020.

In the following two weeks, fears have subsided, and Pfizer and BioNTech said this week their booster shot promises to be effective against the Omicron variant. Although it’s early days to draw conclusions of how effective vaccines would be to protect against Omicron, scientists are also encouraged by early reports that symptoms of the new variant are mild.

NB: Tsvetana Paraskova wrote this article for Oilprice.com

Tsvetana Paraskova
Tsvetana Paraskovahttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Oil Prices Dip as OPEC+ Boosts SupplyRanked: The Biggest Currency Drops So Far in 2025Our Officers Deployed To Maintain Order Not To Prevent PDP NEC Meeting -- PoliceDon't Let Ganduje's Resignation Divide Us, Dalori Appeals To APC NWC Members, OthersAPC To Hold NEC Meeting On July 24Bode George Warns Tinubu, Decries Police Occupation Of PDP SecretariatClosing Ogoni wounds, opening old onesMy CFR National Honours Award, By Col Abubakar D. Umar (Retd)Chaos Escalate As PDP Shifts BoT Meeting to New Venue Amid Police Siege at Party SecretariatPDP Crisis Deepens As 11 NWC Members Ignore Damagum, Hold NEC MeetingNEC Meeting: Tension Mounts As Police Take Over PDP Secretariat In Abuja2027: Peter Obi Declares Readiness for One-Term Presidency in Atiku, El-Rufai-Led CoalitionShun Sycophants In Your Government, Col Umar Tells TinubuCourt Adjourns Natasha's Trial Till September 22, Grants Senator Bail On Self-RecognitionNEC Meeting: PDP Raises Alarm, Accuses APC of Taking Over Secretariat with Police
X whatsapp