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Stock markets face new strain
Resurgent virus fears overshadow US stimulus agreement; oil slips
Stock markets across the globe, including most Middle Eastern share indices, suffered a dip on Monday as a fast-spreading new coronavirus strain in Britain stoked fears that a resurgence of the pandemic could derail the pace of recovery.
The variant, which officials say is up to 70 per cent more transmissible than the original, also prompted concerns about a wider spread.
Brent crude was down $2.23, or 4.3 per cent, at $50.03 by 1421GMT, while US West Texas Intermediate crude fell $2.21, or 4.5 per cent, to $46.89.
“The new strain of coronavirus in the UK has shown us that the vaccine optimism holding Brent above $50 per barrel could be deflated in a fleeting moment,” said Rystad Energy’s analyst Louise Dickson. ....

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