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Oil prices fell today, registering the largest one-day decline since last June, as a new rapidly spreading strain of Corona in Britain and the tightening of restrictions in Europe fueled concerns about a recovery in demand.
Brent crude fell by 5.45% to $ 49.41 a barrel, by 14:05 Moscow time, while US West Texas Intermediate crude fell 5.87% to $ 46.18 a barrel.
“Reports of a new strain of the Coronavirus have affected the appetite for risk and oil,” said Giovanni Stonovo, an analyst at UBS.
“Investors should realize that the road to higher oil demand and prices will remain bumpy,” he added.
Brent crude exceeded $ 50 last week for the first time since last March, amid optimism stemming from the launch of Covid-19 vaccines.
But a new strain of Covid-19, which is said to be up to 70% more transmissible than the original strain, has prompted European countries, Israel and Canada to close their borders to those coming from Britain.
Source: Reuters
