oil prices on the exchange


Wall Street traders crash oil prices again

Oil prices continue to fall as Wall Street traders anticipate further restrictions on flights over the next three months. 

"The fall in prices is happening too quickly on fears of a new strain of the Omicron virus. In fact, the fall looks pretty comical." says Damien Courvalin, oil strategist at Goldman Sachs.

The lack of discretionary buying activity in the face of an uncertain new COVID variant has thus resulted in prices in free fall and pricing with dire demand prospects. 

Based on the constructed Goldman Sachs model, it is assumed that the negative demand will decrease by 0,7 million barrels per day over the next three months. 

So, since November 24, the price of Brent crude oil has fallen by 23% due to fears that a new variant of the Omicron virus will severely stop the global demand for oil. 

Over the past 5 sessions, shares of oil giants Exxon and BP fell 7,2% and 9,8%, respectively.

The Dow Jones Inustrial Index fell 6552 points in recent deals.

Damien Courvalin also noted that the drop in oil prices looks very exaggerated. Given the great uncertainty at present, the strategist expects a further drop in prices amid further spread of the virus across the United States and Europe.