Oil price fell due to new virus strain

On Thursday, November 25, oil trading ended with a slight increase. A barrel of Brent crude rose 0.10% to $ 82.24. Buyers managed to close the day above $ 82 amid a weakening dollar in Forex, as well as low activity in the markets due to the weekend in the US.

OPEC + representatives said they are ready to freeze the process of increasing production if the United States gets 70 million barrels of oil from its reserves. This will compensate for the increased supply in the market.

On Friday, November 26, at trading in Asia, oil fell 2% to $ 80.60. The sharp decline is likely due to reports that the World Health Organization (WHO) has convened a special meeting to discuss a new version of the virus to confirm its status. This is a version of the B virus, 1.1.529, which is found in South Africa and may be resistant to vaccines.

Currencies have mixed dynamics, so you need to wait for European market participants. If they start actively buying up the dollar and the yen, then for oil prices can be expected to return to the level of $ 78.40.