Oil drops almost 2% as new coronavirus strain renews demand fears
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.
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.
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Oil Drops As New Coronavirus Variant Revives Demand Fears
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.
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NEW YORK: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.
2020-12-22 13:05:44 GMT2020-12-22 21:05:44(Beijing Time) Xinhua English
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.