Oil Prices Drop to 2-month Lows as New COVID-19 Variant Puts Markets on Edge

Contact Your Elected Officials
The Epoch Times Header

Oil prices plunged more than 5 percent in early trading on Nov. 26, hitting a two-month low as the emergence of a new COVID-19 variant spooked investors, driving down risk assets like stocks and pushing up havens like gold and bonds.

Brent crude, the global benchmark, fell 5.8 percent to $77.49 a barrel by 6:43 am New York time, while U.S. West Texas Intermediate (WTI) crude was down around 6.0 percent, at $73.33 a barrel.

Crude prices could face additional pressure from the recently announced coordinated release of stockpiles from strategic national reserves in a number of countries, including the United States, in a bid to cool soaring energy costs.

Besides oil taking a tumble, overnight headlines about the new variant sent a broader wave of risk-off sentiment across markets, with major stock indexes falling in Asia and Europe, with investors pivoting towards the safety of havens like gold and bonds.

The yield on the benchmark 10-year U.S. Treasury fell over 12 basis points to 1.514 percent by 6:58 a.m. New York time, while the spot price for gold advanced 1.3 percent to $1,811.63 per ounce. Bond yields move in the opposite direction to prices.

“This variant is a new risk for markets. We can’t tell how far it can evade vaccines,” said Takashi Hiroki, Chief Strategist at Monex, in Tokyo, Japan.

Not much is known of the new COVID-19 variant, detected in South Africa, Botswana, and Hong Kong, but South African scientists say it has an unusual combination of mutations and may be able to evade immune responses or make it more transmissible.

COVID-19 is the disease caused by the CCP (Chinese Communist Party) virus.

News of the new variant prompted authorities in the European Union to seek to halt air travel from the southern African region.

“The Commission will propose, in close coordination with Member States, to activate the emergency brake to stop air travel from the southern African region due to the variant of concern B.1.1.529,” EU Commission chief Ursula von der Leyen said in a tweet on Friday.

Britain temporarily banned flights from South Africa, Namibia, Botswana, Zimbabwe, Lesotho, and Eswatini from Friday, and asked returning British travelers from those destinations to quarantine.

A technical group from the World Health Organization is to meet Friday to discuss the new variant in an urgent sitting requested by South Africa.

By Tom Ozimek

Mimi Nguyen Ly and Reuters contributed to this report.

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

The Kirk Assassination Narrative is Falling Apart

New footage challenges the FBI’s claim that Tyler Robinson shot Charlie Kirk from a UVU rooftop with a .30-06 rifle, casting doubt on the official narrative.

A self-inflicted wound

Leftist propaganda from media, unions, bureaucrats, and schools has indoctrinated the marginalized with an idealized view of socialism and communism.

Katie Porter Syndrome: Toxic Feminism 101

“Katie Porter Syndrome” is a pathology inflicted upon Congressional staffers, the media, and, if the patient gets herself elected governor, all of CA.

The Unique European Social Contract: Effectiveness Over Values

American conservatives often ground their political stances on social issues. The European conversation centers on an effectiveness assessment.

Trump’s Middle East Triumph is Worth Celebrating Even As Peace Remains Elusive 

President Trump’s bold foreign policy defies globalist appeasement, showcasing unwavering American strength and decisive leadership on the world stage.

Trump Set to Become 4th President to Address Israel’s Parliament–What to Know

‘The visit of the U.S. president ... is accompanied by great emotion and expectation,’ an Israeli Ministry of Defense official said.

Supreme Court Won’t Hear Project Veritas Challenge to State Law Blocking Secret Recording

U.S. Supreme Court declined to hear a First Amendment challenge from investigative journalism group against Oregon’s ban on secret recordings.

Katie Porter Syndrome: Toxic Feminism 101

“Katie Porter Syndrome” is a pathology inflicted upon Congressional staffers, the media, and, if the patient gets herself elected governor, all of CA.

Biden Undergoing Radiation, Hormone Treatment for Prostate Cancer

Former President Biden has begun receiving a combination of radiation and hormone treatments for prostate cancer, spokesperson announced.

Trump Names Longtime Adviser Dan Scavino to Key Personnel Position

One of President Trump’s longtime advisers, Dan Scavino, is going to be in charge of selecting and appointing key positions within the executive branch.

First Lady’s Effort Helped Reunite 8 War-Displaced Children With Their Families

First lady Melania Trump said 8 children impacted by the fighting between Ukraine and Russia were reunited with their families on Oct. 9.

Trump Admin Agrees to $20 Billion Rescue Plan for Argentina

The U.S. government has finalized a $20 billion economic rescue plan for Argentina, Treasury Secretary Scott Bessent announced on Oct. 9.

Trump Says He May Invoke Insurrection Act in Portland If Necessary

President Donald Trump on Oct. 6 said he may consider invoking the Insurrection Act in Portland, Oregon, if necessary.
spot_img

Related Articles

Popular Categories

MAGA Business Central