• 3 minutes China's aggression is changing the nature of sovereignty.
  • 8 minutes Will Variants and Ill-Health Continue to Plague Economic Outlooks?
  • 11 minutes Europe gas market -how it started how its going
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Russia, Ukraine and "2022: The Year Ahead"
  • 1 day Amazing!...see article: "Turkmenistan To Close "Gates Of Hell" Gas Fire" by Irina Slav
  • 6 hours Why is oil priced and traded in U.S. dollars?
  • 3 hours Ukrainian Maidan after 8 years
  • 6 hours Russia oil production live month after month starting from November 2021 - official stats from Rosstat agency
  • 1 day Сryptocurrency predictions
Two Fundamental Laws For Energy Pricing

Two Fundamental Laws For Energy Pricing

EDF, a giant French utility…

Life After Death For The Coal Industry

Life After Death For The Coal Industry

While the coal industry is…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Prices Crash On New Covid Fears

U.S. West Texas Intermediate crude oil futures plunged on Friday as the discovery of a new and possibly vaccine-resistant coronavirus variant spooked investors, raising concerns over potential demand destruction and adding to worries that a supply surplus could swell in the first quarter.

The U.S. benchmark fell along with equities and other commodities on fears the variant could dampen economic growth and fuel demand. Britain and the European states have restricted travel from southern Africa, where the variant was detected.

Earlier in the week, prices see-sawed, first pressured by worries about the release of oil from government reserves then supported as this move proved to be much smaller than anticipated. Furthermore, investors are awaiting a response from OPEC+ when it meets to discuss its production deal on December 2.

US and Allies Challenge OPEC+ with Release of Oil Reserves

The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan, and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.

Under the plan, the United States will release 50 million barrels, the equivalent of about two and a half days of U.S. demand. India, meanwhile, said it would release 5 million barrels, while Britain said it would allow the voluntary release of 1.5 million barrels of oil from privately…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News