Oil prices have experienced a record drop in several months

The cost of oil in the world is showing a decline, as evidenced by data from international commodity trading floors. This is due to several objective factors.

First, on November 24, US President Joe Biden announced the "listing and release" of 50 million barrels of "black gold" from the country's strategic reserves. Secondly, a new mutation SARS-CoV-2 - a new strain of coronavirus - B.1.1.529 (omicron) has been identified in Africa, which may lead to another serious decrease in demand. The exchanges simply could not help but react to this and oil prices experienced a record drop in several months (since September 13).

On the evening of November 26, January Brent oil futures (raw materials are produced in the North Sea) fell by 11,25% - to $ 72,97 per barrel. At the same time, the price for January WTI oil futures (raw materials are produced in Texas, USA) fell by 12,83% - to $ 68,33 per barrel.

Market participants are very sensitive to newly emerging risks. Investors, traders, speculators and experts are confident that there will be a surplus of oil in the world. The sale of raw materials from the US reserves, as well as a number of other countries that followed Washington's example, will contribute to this, since OPEC + has not yet made a decision to cut production.

At the same time, the omicron will cause a further tightening of quarantine restrictions across the planet, which will have "dire consequences" as consumption will decrease and supply chains will be disrupted. Thus, market factors indicate the possibility of further decline in the value of "black gold". Although earlier experts said that a barrel of oil could reach a price level of $ 100 by the end of this year. Predictions do not come true again, or does the barrel still have time? ..
  • Photos used: Babette Plana / flickr.com
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  1. Shelest2000 Offline Shelest2000
    Shelest2000 27 November 2021 11: 52
    And here again, gasoline will rise in price ...
  2. Xuli (o) Tebenado 27 November 2021 12: 04
    For Russia, in any case, if oil falls, there is nothing good.

    A printout of 50 million barrels means nothing. For the United States, this is a drop in the ocean. The main thing is a new covid strain with 32 variations. The ruble has fallen; I think it can fall harder, although the Central Bank holds it with all its teeth. Again, the New Year is just around the corner, the population is buying up currency, fearing an even greater fall.
    In my opinion, now the ruble exchange rate will begin to grow slowly, reaching a peak by January 10-15 next year.
  3. gorenina91 Offline gorenina91
    gorenina91 (Irina) 27 November 2021 12: 57
    Oil prices have experienced a record drop in several months

    - Oh, what a surprise - well, who would have thought ...
    - But what about the "space prices" for gas ... - Are they really going to fall ???
    - And why should they not fall ... In the spot market, speculators profited from the price of Russian gas in such a way that the market simply cannot withstand this ... - only here for Gazprom, as always - " my mouth didn’t hit "...
    - So, what is next ??? - Someone here ... here ... here so zealously tried to assert that the construction price of the SP-2 is already, allegedly, already "repulsed" (justified) ... - This is how it can be "repulsed" if this pipe SP-2 - and it stands - the mouth opened (it didn't work for a day) ... - And suddenly it was "beaten off" ... - Yes, on it (this pipe SP-2) even more debt has accumulated, which is growing every day - for every day of downtime ... - And there will also be fines for downtime ... - And the gas price will also fall them it will not rust) ...- And who will pay for all this ??? Who will take care of the damages ??? - Aaaa ???
    - Damn, here ... here ... there are so many "urakalschikov" - now they pulled their ears and heads into their shoulders and keep quiet ... - Damn - real turtles !!!
    - Damn - here they are - "traps" for stupid Gazprom - about which I personally have already written so much ...
    - Damn ... - the jokes are over ... - All that remains is to hope for Germany and accept all its conditions ... - that's the only way ... - And the stupid Gazprom in general - cannot make decisions on its own - in nothing !!!
    1. Bakht Offline Bakht
      Bakht (Bakhtiyar) 27 November 2021 13: 06
      The gas price for Europe does not depend on the oil price. Or, it depends on 13%.
  4. Igor Pavlovich Offline Igor Pavlovich
    Igor Pavlovich (Igor Pavlovich) 28 November 2021 22: 48
    Necropic, ayuuuu !!!!!
  5. Yuri Palaznik Offline Yuri Palaznik
    Yuri Palaznik (Yuri Palaznik) 29 November 2021 00: 12
    What a coincidence. And Omicron came up in one package for 50 barrel. Proof that "pandemics" are an instrument of financial wars.