Oil holds loss with virus mutation threatening global movement

Oil edged lower in Asia after dropping the most in seven weeks as a new strain of the virus discovered in the U.K. threatens more lockdowns in Europe and reduces travel on global routes,

Futures in New York for February delivery traded near $48 a barrel after closing down 2.6% on Monday. More than 16 million Britons are now required to stay at home after a full lockdown came into force in London and the southeast of England. Many countries have suspended travel with the U.K.

The new Covid-19 mutation is stoking concerns that more parts of the world may also face renewed restrictions on movement, curbing a recovery in global energy demand. In the U.S., New York Governor Andrew Cuomo said he believes the new strain is already circulating in New York.