Oil falls $3 as new virus strain prompts demand worries
Oil prices tumbled by $3 on Monday, their biggest daily fall since June, as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.
Brent crude was down $3.00, or 5.7%, to $49.26 a barrel by 1028 GMT, and U.S. West Texas Intermediate (WTI) crude was down $2.92, or 6%, to $46.18 a barrel.
“Reports of a new strain of the coronavirus has weighed on risk sentiment and oil. New mobility restrictions across Europe are also not helping as European oil demand will suffer,” said UBS oil analyst Giovanni Staunovo.
