Brent crude oil futures for January delivery fell below $ 74 a barrel for the first time since September 21, according to data from the London ICE exchange. At 18.52 Moscow time, the price of Brent fell by 10.34% compared to the close of the previous trading day – to $ 73.72 per barrel.
January WTI crude oil futures are also down nearly 11%. At 18.53 Moscow time, the price of a barrel was $ 69.56, which is 10.93% lower than the close of the previous trading session.
Oil prices are falling amid investors’ fears about a drop in demand for raw materials due to the discovery of a new strain of coronavirus B.1.1.529, which virologists call potentially more dangerous due to the large number of mutations. The emergence of a new strain on the scene could lead to further travel restrictions.
In addition, the decline in prices comes after the United States and several other major oil consumers announced their decision to start selling crude from strategic reserves in order to contain the rise in energy prices. It was reported that OPEC + in response may revise the parameters of its agreement to restore oil production. The next meeting of the ministers of the countries – members of the alliance is scheduled for December 2.