Oil tumbles on concerns of surplus supply in Q1, new variant

Oil tumbles on concerns of surplus supply in Q1, new variant

Oil tumbles on concerns of surplus supply in Q1, new variant By Florence Tan SINGAPORE (Reuters) -Oil prices slid more than 2% on Friday on concerns that a global supply surplus could swell in the first quarter following a U.S.-led coordinated release of crude reserves among major consumers and as a new COVID-19 variant spooked investors. Brent crude futures extended declines for a third session, falling $1.69, or 2.1%, to $80.53 a barrel by 0327 GMT. U.S. West Texas Intermediate (WTI) crude was down $2.04, or 2.6%, at $76.35 a barrel. There was no settlement for WTI on Thursday because of the Thanksgiving holiday. Oil prices likely dropped in tandem with wider financial markets on concerns the new variant would hit demand by limiting movements again, while market participation has …
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