Oil drops as new coronavirus strain spreads
21 Dec 2020
Gulf Today Report
Oil prices declined by 3% on Monday as new coronavirus strain spreads, leading to tighter restrictions in the United Kingdom and increasing worries over low fuel demand.
Brent crude slid $1.54, or 3.0%, to $50.72 a barrel by 05:10 GMT after rising 1.5% reaching its highest since March.
US West Texas Intermediate (WTI) crude was down $1.42, or 2.9%, to $47.68 a barrel after also climbing 1.5% on Friday to its highest level since February.
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Restrictions imposed in Europe to fight new coronavirus strain and Brexit talks has affected the market, said Chiyoki Chen, chief analyst at Sunward Trading.