Brent slumps under $80 as investors wary of new variant, Q1 surplus

Brent oil

Brent slid nearly 4% to below $80 a barrel on Friday as a new COVID-19 variant spooked investors, adding to concerns that a global supply surplus could swell in the first quarter following the release of crude reserves by the United States and others.

Oil fell in tandem with other financial markets on fears that the new variant could slow economic growth and restrict movement again.

Brent crude futures extended declines for a third session, falling $3.16, or 3.8%, to $79.06 a barrel by 0733 GMT. U.S. West Texas Intermediate (WTI) crude was down $3.45, or 4.4%, at $74.94 a barrel. There was no settlement for WTI on Thursday because of the Thanksgiving holiday.

News Source:- Moneycontrol

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