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Oil market craters on new Covid strain

Crude prices showed mild fluctuations on Thursday, November 25 as the US news flow was subdued due to Thanksgiving celebrations. By the close, Brent edged up 0.20% to $81.07/bbl, whereas WTI edged down 0.08% to $78.04/bbl.

UK authorities on Thursday evening introduced mandatory quarantine restrictions on arrivals from a number of African countries, including South Africa, after a new heavily mutated Covid-19 strain was detected in these countries, and which still requires further investigation. The WHO Commission is urgently leaving for South Africa today to assess the severity of the threat posed by the new variant, which has reportedly been named the Nu strain.

Oil prices experienced a flash crash this morning over fears of the new Covid strain. By the time of writing, Brent was down 4.39% at $78.60/bbl, while WTI was off 5.88% at $73.78. Our Brent price forecast for today is in the range of $76-77 per barrel.

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