Oil plunged on weakening demand outlook

International benchmarks for crude oil concluded with sharp decreases on Wednesday, 17 November 2021 as the US asked other major oil consumers such as China and India to release more strategic reserves to bring the fuel prices down. Meanwhile, the rising number of COVID-19 cases throughout Europe threatens demand recovery.

Brent fell $1.36 or 1.7% to close at $81.05/barrel.

WTI plunged $2.40 or 3% to close at $78.36/barrel.