Oil prices plunge as new mutant coronavirus strain revives demand fears
The Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, are set to boost output by 500,000 barrels per day in January. There is no sign yet of any wavering induced by the price drop
Reuters | December 22, 2020 | Updated 22:32 IST
Brent crude was down 79 cents, or 1.6%, at $50.12 a barrel by 1442 GMT
Oil dropped towards $50 a barrel on Tuesday, adding to losses from the previous session, as a mutant variant of the coronavirus in Britain revived concerns over demand recovery.
Detection of the new variant prompted several countries to close their borders to Britain. The BBC cited France s Europe Minister as saying that the two countries would announce a deal to restart freight by Wednesday.
Minister says Iran welcomes Russian companies investment in oil sector
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TEHRAN, Dec. 22 (Xinhua) Iran s Minister of Petroleum Bijan Namdar Zanganeh invited Russian companies to invest in his country s oil industry, Iran s Press TV reported on Tuesday. We welcome the investment of Russian companies in the required sectors of the oil industry in Iran, Zanganeh was quoted as saying. We see Russia as a strategic partner and this partnership will not change with the warm and cold atmosphere in the international arena, he made the remarks at a meeting with Russia s Deputy Prime Minister Alexander Novak and Russian Energy Minister Nikolai Shulginov in Moscow on Monday.
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LONDON Oil prices dropped almost 2% on Tuesday to below $50 a barrel, adding to losses from the previous session, as a new coronavirus strain in the United Kingdom revived concerns over demand recovery.
The detection of the new strain prompted several countries to close their borders to Britain, although a British minister said the UK and France are working to reopen one of Europe’s most important trade routes.
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Brent crude was down 72 cents, or 1.4% to $50.19 a barrel at 0915 GMT, while U.S. West Texas Intermediate (WTI) crude fell 76 cents, or 1.6%, to $47.21.
Oil Extends Losses On Demand Recovery Concerns
WASHINGTON (dpa-AFX) - Oil prices fell on Tuesday to extend losses from the previous session as a fast-spreading new coronavirus strain prompted several countries to close their borders to Britain, fueling worries about a slower recovery in fuel demand.
Benchmark Brent crude dropped 73 cents, or 1.4 percent, to $50.18 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 72 cents, or 1.5 percent, at $47.25.
More than 40 countries have banned U.K. arrivals amid fears over the coronavirus mutation that was first identified in Britain.
The new virus strain has also been detected in other countries, including Australia, the Netherlands and Italy.
Russia to U.S. President-elect: don’t upset the oil market
Russia hopes the incoming administration of U.S. President-elect Joe Biden will not derail producer nations’ action to boost oil markets, Russia’s Deputy Prime Minister Alexander Novak said.
Russia, other leading oil producers and the Organization of the Petroleum Exporting Countries, a group known as OPEC+, have joined forces to reduce output and bolster the global oil market as the COVID-19 pandemic has weakened fuel demand.
“We hope that the changes to the policy of the U.S. administration will not have an impact on the joint actions, which, first of all, are designed to play a positive role for the global economy and energy markets,” Novak told an online conference.