Oil fell below $48 a barrel in Asian trading — after posting a seventh weekly gain — on concern a mutation of Covid-19 discovered in the U.K. could speed transmission of the virus and lead to more lockdowns.
Futures in New York dropped 3% after closing at the highest in almost 10 months on Friday. More than 16 million Britons are now required to stay at home as a full lockdown came into force in London and the southeast of England, with some European countries limiting travel with the U.K. A stronger dollar also reduced the appeal of commodities that are priced in the currency.
