Brent barrel rose in price by 4%

On Friday, November 26, Brent crude fell 11.47% to $ 72.81. The price has collapsed due to the discovery of a new strain of COVID-19 in South Africa. The emergency meeting of WHO only intensified the flight into defensive assets.

Traders were selling oil futures as they began to consider the worst-case scenario with Omicron on fears of border closures, new lockdowns and lower energy demand. The minimum was fixed at 72.09.

On Monday, November 29, at trading in Asia, Brent crude oil rose 4.42% to $ 76 per barrel. The depreciated assets on Friday are recovering on the positive news from Israel.

Professor Dror Mezorach, head of the coronavirus department at Hadassah Ein Karem University Hospital, said preliminary reports on the clinical condition of people infected with the new variant are encouraging.

This week will show the vitality of the black African swan that flew to the markets. The price bounced off the trendline that originates from the $ 15.90 low. The price needs to gain a foothold above $ 78 for the recovery to take place.

Because of Omicron, the meeting of the OPEC technical committee, which was supposed to take place on November 29, was postponed to December 1, the OPEC ministerial meeting - from November 30 to December 2. OPEC members need time to analyze the fall in prices and the plans of the United States and other countries to release oil from the strategic reserve to the market.