The oil market remains under pressure

On Monday, November 29, oil trading closed with growth. The price of Brent crude rose 0.8% to $ 73.39. The intraday high was fixed at $ 76.98. The market came to its senses after the Friday crash.

The price rose on the news that, according to an Israeli virologist, the virus may be weaker than Delta. It takes about two weeks to be sure of this.

The oil market received additional support from rumors that at the OPEC + meeting, ministers could postpone the increase in production so as not to worsen the situation on the market. By the close of the day, the price dropped to $ 72.36 amid continuing uncertainty with the new strain of coronavirus and the upcoming OPEC + meeting.

The World Health Organization (WHO) said the new strain is causing concern due to the large number of mutations. Investors fear the possible introduction of new quarantine restrictions around the world, which will reduce economic growth and demand for energy resources.

On Tuesday, November 30, a barrel of Brent is worth $ 73.69. The price of Brent crude is expected to remain in the $ 72.00-76.50 range.

The sale of risky assets was triggered by Moderna CEO Stefan Bansel. He said COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they used to be. Due to the large number of mutations, existing vaccines may need to be modified. Vaccine resistance could lead to more illness, hospitalizations and prolong the pandemic.