Oil price incurred the largest daily loss - Economist

Oil prices were not satisfied with the decline that occurred on Thursday, but the decline in oil prices continued, with a significant decline in global stock markets, due to fears that the new "Omicron" strain of the Coronavirus would reduce economic growth and demand for fuel.

Oil prices lost about $ 11 on Friday, recording the largest one-day decline since April of 2020 after the discovery of a new strain of the Coronavirus worried investors and reinforced fears of a global oversupply in the first quarter of next year due to the increased release of oil stocks from Official precautions in America and elsewhere.

We find that the price of oil fell in Brent crude futures contracts by $10.50, equivalent to 11.9%, and reached $72.72 a barrel upon settlement, to record a weekly decrease of more than 8%.

The price of oil in West Texas Intermediate crude fell 10.24 dollars, or 13.1%, to 68.15 dollars a barrel after the Thanksgiving holiday in the United States, and the losses of American crude during the week amounted to more than 10.4%.