Oil tumbles as new virus strain revives demand fears
Oil prices tumbled on Monday as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.
Brent crude was down $2.23, or 4.3%, at $50.03 a barrel by 1421 GMT, while U.S. West Texas Intermediate (WTI) crude fell $2.21, or 4.5%, to $46.89.
Both contracts had lost as much as $3 earlier in the session, their biggest daily drop in six months.
“Reports of a new strain of the coronavirus has weighed on risk sentiment and oil. New mobility restrictions across Europe are also not helping as European oil demand will suffer,” said UBS oil analyst Giovanni Staunovo.
Oil tumbles as new virus strain revives demand fears - International - World
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Oil falls $2 as new virus strain sparks demand worries | Hellenic Shipping News Worldwide
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Russia Favors Further OPEC+ Output Hike in February
Evgenia Pismennaya, Bloomberg News A worker overlooks the low-temperature isomerization unit at the Novokuibyshevsk oil refinery plant, operated by Rosneft PJSC, in Novokuibyshevsk, Samara region, Russia, on Thursday, Dec. 22, 2016. Oil trimmed a second weekly gain as investors weighed rising U.S. inventories against coming coordinated output cuts by OPEC and other producing nations. Photographer: Andrey Rudakov/Bloomberg , Photographer: Andrey Rudakov/Bloomberg
(Bloomberg) Russia intends to support a further increase in OPEC+ production at the groupâs meeting next month, even as a new strain of the coronavirus raises concerns about demand, said officials familiar with the countryâs oil policy.