Oil prices dive to two-month lows on Covid-19 variant, surplus jitters
Oil prices dived around 6 per cent on Friday, hitting a two-month low as a new Covid-19 variant spooked investors and added to concerns that a supply surplus could swell in the first quarter.
Oil fell with global equities markets on fears the variant could dampen economic growth and fuel demand. Britain and the European states have restricted travel from southern Africa, where the variant was detected.
Brent crude fell $5.40, or 6.5 per cent, to $76.82 a barrel by 1452 GMT.
US West Texas Intermediate (WTI) crude was down $5.82, or 7.4 per cent, at $72.57 a barrel, after Thursday’s Thanksgiving holiday in the United States.
