Oil slips again as new coronavirus strain proves ‘nightmare before Christmas’
Oil prices fell on Tuesday, extending sharp losses overnight, as the rapid spread of a new strain of the novel coronavirus in the United Kingdom prompted several countries to close their borders to British travellers and freight.
US West Texas Intermediate (WTI) crude futures dropped 30 cents, or 0.6%, to $47.67 a barrel at 0156 GMT, while Brent crude futures fell 26 cents, or 0.5%, to $50.65 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.
After the UK government warned that a new variant of the virus seemed to be spreading much faster than previous kinds, India, Pakistan, Russia, Jordan and Hong Kong joined European countries in suspending travel from Britain, and Saudi Arabia, Kuwait and Oman closed their borders completely.
