Crude oil futures fell Friday (Nov. 19) as investors are concerned that the rising number of COVID-19 infected people in Europe will hurt demand and slow the economic recovery.
WTI crude futures fell $2.91, or 3.7%, at $76.10 a barrel.
BRENT crude futures fell $2.35, or 2.9%, at $78.89 a barrel.
Oil markets were under pressure as many European countries adopted strict containment measures to curb the spread of coronavirus and accelerated vaccination programs in the face of rising numbers of infections.
In addition, oil prices fell due to expectations that the U.S. and China will withdraw oil from strategic reserves.
Meanwhile, OPEC and the IEA expect the oil market to face an oversupply next year.
The Spot Market is Closed
Saturday, November 20, 2021