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Oil slips amid concerns over mutant COVID strain found in UK

Oil dropped towards $50 a barrel on Tuesday, adding to losses from the previous session, as a mutant variant of the coronavirus in the United Kingdom revived concerns over demand recovery. Detection of the new variant prompted several countries to close their borders to the UK. The BBC cited France’s Europe Minister as saying that the two countries would announce a deal to restart freight by Wednesday. Brent crude was down 60 cents, or 1.2 percent, at $50.32 a barrel by 16:58 GMT, while US West Texas Intermediate (WTI) crude fell 72 cents, or 1.5 percent, to $47.25. Both benchmarks slid nearly 3 percent on Monday, partly erasing recent gains driven by the roll-out of COVID-19 vaccines, seen as key to allowing a return to normal life.

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