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Oil Crashes More Than $10 as New Covid-19 Variant Roils Markets

  • WTI crude futures tumble below the $70-a-barrel threshold
  • U.S. benchmark crude breaks key 200-day moving average
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Oil Market Overreacting to Covid News, Analyst Sen Says
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Oil prices suffered one of the largest ever one-day plunges, crashing more than 11% on Black Friday as a new coronavirus strain sparked fears that renewed lockdowns will hurt global demand.

The crash, the 7th largest ever for Brent crude, the global oil benchmark, may prompt the OPEC+ cartel to re-consider its policy when it meets next week, with the group increasingly leaning toward pausing its output hikes.