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Caught between the health pandemic and American threats: Oil prices plummet – El Watan

Byeditorial

Nov 27, 2021

THEOil prices plunged more than 5% yesterday, while a new variant of Covid-19, considered by scientists as the largest discovery to date, worries investors and adds to fears that an excess supply will destabilize the markets as early as the first quarter of 2022.

Brent crude fell to $ 77.31 during trading morning, while US West Texas Intermediate (WTI) fell to $ 73.19 a barrel.

Investors were also monitoring China’s response to the US release of millions of barrels of oil from strategic reserves, in coordination with other consuming countries, as part of their attempt to push prices down.

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