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Reuters
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Oil prices fell today, registering the biggest one-day drop since last June, as a new strain of Corona spreading quickly in Britain and tightening restrictions in Europe fueled concerns about when demand resumes.
Brent fell 5.45% to $ 49.41 per barrel at 2:05 p.m. Moscow time, while US West Texas Intermediate crude fell 5.87% to $ 46.18 per barrel.
“Reports of a new strain of the Corona virus have affected risk appetite and oil,” said Giovanni Stonovo, analyst at UBS.
“Investors must realize that the road to higher oil demand and prices will remain bumpy,” he added.
Brent crude broke the $ 50 mark last week for the first time since last March, amid optimism stemming from the launch of Covid-19 vaccines.
But a new strain of Covid-19, which is believed to be up to 70% more transmissible than the original strain, has prompted European countries, Israel and Canada to close their borders to those coming from Britain.
Source: Reuters
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