The global oil price fell by 5% on the world market.
Brent January futures fell by 4.66%, $ 78.38 a barrel.
Meanwhile, WTI January futures fell by 5.52%, $ 74.01 a barrel.
On the other hand, Bank of America forecasts that by June 2022, the price of Brent crude oil will reach $ 120 per barrel.
The drop in oil prices is largely due to the emergence of a new strain of coronavirus. Oil traders fear that more countries may tighten quarantine restrictions. At the same time, the reduction of oil prices is facilitated by the release of strategic reserves by some states.
The Chinese government is ready to sell oil from national reserves if necessary.