Oil prices slip amid worries over fast-spreading new coronavirus strain

TOKYO (Reuters) – Oil prices slid in early trade on Monday as a fast-spreading new coronavirus strain in the United Kingdom raised concerns that tighter restrictions there and in other European countries could stall a recovery in the global economy and its need for fuel.

Brent crude dropped 97 cents, or 1.9%, to $51.29 a barrel by 0103 GMT after rising 1.5% and touching its highest since March last Friday.

U.S. West Texas Intermediate (WTI) crude was down 83 cents, or 1.7%, to $48.27 a barrel after also climbing 1.5% on Friday to its highest level since February.

Monday’s declines came after oil prices marked seven straight weeks of gains last week as investors focused on the rollout of COVID-19 vaccines.