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Crude oil futures end sharply lower as emergence of new virus variant raises demand concerns

27 Nov 2021 Evaluate

Crude oil futures ended sharply lower on Friday, with the U.S. benchmark closing below the $70-a-barrel threshold after the discovery in South Africa of a new variant of the coronavirus that causes COVID-19. Traders' dumped oil after the U.S. Thanksgiving holiday on Thursday, trading on fears potential lockdowns and other restrictions on business and consumer activity could hit fuel demand as a result of the new coronavirus variant. Meanwhile, the OPEC and its allies are scheduled to meet on December 2 to discuss production policy for 2022. Trading in U.S. oil futures closed an hour early at 1:30 p.m. Eastern.

Benchmark crude oil futures for January delivery fell $10.24 or 13.1 percent to settle at $68.15 a barrel on the New York Mercantile Exchange. Brent crude for January delivery lost $9.50 or 11.6 percent to settle at $72.72 a barrel on London's Intercontinental Exchange.

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