the price of oil is down about 12 % today because they're freaked out about the new South Africa covid strain

Oil posted its worst day of the year on Friday, tumbling to the lowest level in more than two months as the new Covid-19 strain sparked fears about a demand slowdown just as supply increases.

 U.S. oil settled 13.06%, or $10.24, lower at $68.15 per barrel, falling below the key $70 level. It was the contract’s worst day since April 2020. 

WTI also closed below its 200-day moving average — a key technical indicator — for the first time since November 2020.

 International benchmark Brent crude futures slid 11.55% to settle at $72.72 per barrel. Both contracts registered their fifth straight week of losses for the longest weekly losing streak since March 2020.

 meanwhile, a couple days ago the Biden Administration announced plans to release 50 million barrels of oil from the Strategic Petroleum Reserve. The move is part of a global effort by energy-consuming nations to calm 2021′s rapid rise in fuel prices. India, China, Japan, South Korea and the U.K. will also release some of their reserves.

https://www.cnbc.com/2021/11/26/oil-tumbles-5percent-as-new-covid-variant-sparks-global-demand-concerns.html

just thought you oughta know the news on the oil market. By the way, there is a link to the right, in the babble about my other websites, so you always can quickly just click to see how oil is doing.