U.S. Crude Oil Prices Plunge 10% as Covid-19 Selloff Accelerates
Storage tanks at the BP Plc Cherry Point Refinery near Blaine, Washington, U.S., on Friday, Nov. 19, 2021. Total U.S. oil stockpiles, including commercial inventories of crude and refined products, fell by the most in 11 weeks, dropping by 12.1 million barrels a recent U.S. Energy Information Administration report showed. Photographer: James MacDonald/Bloomberg
, Bloomberg
Simon Casey, Bloomberg News
(Bloomberg) -- West Texas Intermediate crude prices tumbled more than 10% from their Wednesday close amid concerns that a new strain of the Covid-19 virus will undermine the recovery in global demand.
WTI fell 10.5% to $70.14 a barrel at 10:48 a.m in New York.
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