Oil extended losses on new COVID-19 variant concerns

International benchmarks for crude oil tumbled on Tuesday, 30 November 2021 as inventors are spooked by the new COVID-19 variant. Most governments have utilized all the available financial ammunitions to keep the economy afloat over the past 22 months of the pandemic and would the Omicron variant prove to be severer than the Delta variant, the global economy might be left with little defenses. 

Brent fell $2.87 or 3.9% to close at $70.57/barrel.

WTI dropped $3.77 or 5.4% to close at $64.43/barrel.