Oil drops 11% due to the new Covid-19 strain

Oil prices recorded at the end of trading today, following the announcement of the new African mutation of Covid-19, as Brent crude lost 11%, recording $72.9 per barrel, and US crude lost more than 13% to trade below $69 per barrel, and this is the biggest loss for the oil markets in the last two months.

Fears were renewed of the decline in demand on the oil markets, following the discovery of the new, most dangerous Corona mutant of the Corona virus, and renewed fears about closures and travel suspensions, to close the markets with the largest weekly loss.

This comes days before the OPEC meeting next December, and amid an American tendency to abandon part of the strategic stockpile to calm markets that witnessed unprecedented rises amid a crazy rise in demand for oil, as its price exceeded the $85 barrier per barrel.

The decline in oil came as part of a wave of collapses in global stock exchanges, as the US Dow Jones index plunged more than 900 points amid fears of the development of virus infections and its impact on global economic growth.


Share on twitter
Share on facebook

Related News


Latest News

About AISU

Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

Information About Union

92 Members

28 Board of Directors

17 Country

300.000 Employees

Subscribe Newsletter

Contact us

General Secretariat
Tel +21323304221 Fax +21323304254
Mail: relex@solbarab.org

Cairo Regional Office
Tel +20233356219 Fax +20233374790
Mail: aisucairo@solbarab.org

All rights reserved Arab Iron and Steel Union | 1971 - 2022

Powered by Mohamed Hamed