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.