Crude futures plunge on new Covid-19 variant concerns

Crude futures plunge on new Covid-19 variant concerns

Updates prices and information throughout.

London, 26 November (Argus) — Global crude prices tumbled today in one of the sharpest price drops in the history of futures trading, as the emergence of a new, potentially highly infectious Covid-19 variant sparked concerns about demand.

At settlement, the Ice front-month Brent contract was down by 11.6pc, or $9.50/bl, at $72.72/bl, and Nymex front month light sweet crude was down by 13.1pc, or $10.24/bl, at $68.15/bl, both the fifth biggest single-day price drops in the exchanges' respective 33 and 39 years of offering crude futures markets.