Omicron scare sends oil prices into worst monthly loss this year

World Oil | Nov 30, 2021 at 1:00 AM
  • Oil headed for the biggest monthly loss since the early days of the coronavirus pandemic as investors weighed risks posed by the new omicron variant.
  • The weakness has hit the forward price structure for Brent that traders look to for clues on supply-demand.
  • Brent for January supply is poised to expire in a so-called contango on Tuesday, meaning that the most immediate price is lower than the following month.