Brent Crude Heads For 5th Week Of Losses As Oil Prices Plunge On New Covid Variant
NDTV
U.S. West Texas Intermediate (WTI) crude was down $10.10, or 12.9 per cent, at $68.29 a barrel, after Thursday's Thanksgiving holiday in the United States.
Oil prices plunged about $10 a barrel on Friday, their largest one-day drop since April 2020, as a new COVID-19 variant spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Oil fell with global equities markets on fears the variant could dampen economic growth and fuel demand.
Britain and European countries have restricted travel from southern Africa, where the variant was detected, as researchers sought to find out if the mutation was vaccine-resistant.
The World Health Organization has designated the new variant as "of concern," according to the South African health minister.
