At the Market in Asia, the price of oil exceeded the level of $ 71

On Tuesday, November 30, by the end of the day, Brent crude oil fell 4.47% to $ 70.11. Over the month, the price fell by 16%. The market crashed on comments from Moderna CEO Stefan Bansel. In an interview with the Financial Times, Bansel said existing COVID-19 vaccines are likely to be less effective against the new strain. It will take pharmaceutical companies months to modify vaccines.

The focus of traders remains the OPEC + meeting, which is expected to discuss measures in response to the emergence of the omicron. The coalition may decide to suspend production growth.

According to the latest data from the American Petroleum Institute, oil reserves last week fell by 0.747 million barrels (-1.66 million barrels was expected).

On Wednesday, December 1, the price of Brent crude rose 1.38% to $ 71.01. The price is recovering after the crash to $ 67.46. Risky assets with oil quotes are recovering. Buyers groped for support near the level of 67. Before the OPEC + meeting, as part of the correction, we expect prices to rise to the level of $ 74.