OIL DOWN

News of the new Omicron covid variant caused stock markets to fall rapidly and sent another shockwave through the oil market.

Prices dropped precipitously  by 12 per cent on the news of the new variant.

Oil was trading at $71 a barrel the day after the news broke. By Monday 29th November it was up again to $75 a barrel for Brent Crude.

The course of the pandemic is certainly writ large in the fluctuations in oil price futures.