Oil prices hit 2-month low over new Covid-19 variant; cryptocurrencies tank

Oil prices dived around more than 10 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.

Brent crude fell $8.46, or 10.29 per cent, to $73.76 a barrel by 10 pm IST. WTI was down 11.52 per cent to 69.36 a barrel.

Bitcoin, too, tumbled over 9 per cent, dragging smaller tokens down, as investors dumped riskier assets for the perceived safety of bonds, the yen and the dollar.