- Oil prices were down nearly $5/Bbl on Friday as a new COVID-19 variant rattled traders and investors (Reuters)
- Scientists consider this variant the most significant found to date, sparking fears of renewed travel restrictions and pressured economic growth
- The plunge lower came with a broad sell-off in the equity markets, with the Dow Jones dropping more than 800 points (CNBC)
- Global oil prices were already under pressure after the Biden Administration announced plans to release 50 MMBbl from the SPR
- Analysts were already forecasting oversupply in 2022, and with coordinated global reserve releases, plus a new, possibly more dangerous variant, traders are removing risk
- OPEC and its allies are set to meet on December 2 to discuss their production policy