Oil plunges as new coronavirus strain renews demand recovery fears
Oil prices dropped nearly 2% on Tuesday, adding to steep losses from the previous session, as a new strain of the novel coronavirus in the United Kingdom triggered concerns over fuel demand recovery.
The fast-spreading new coronavirus strain has shut down much of Britain, and has prompted several countries to close their borders to British travellers and freight.
Brent crude futures were down 88 cents, or 1.7% to $50.03 a barrel at 0730 GMT, while US West Texas Intermediate (WTI) crude futures fell 92 cents, or 1.9%, to $47.05 a barrel.
Both benchmark contracts slid nearly 3% on Monday, partly erasing recent strong gains on the back of the rollout of COVID-19 vaccines, seen as key to easing mobility restrictions.
