London, Nov 26 (AFP\/APP):World oil prices slumped more than 10 percent Friday, slammed by demand fear after the emergence of a new variant of Covid-19.<\/p>\n
In late afternoon London trade, New York’s WTI crude tumbled 11.3 percent to $69.53 per barrel, while European benchmark Brent North Sea oil retreated 10.2 percent to $73.81.<\/p>\n
The two contracts briefly sank as low as $68.75 and $73.03 respectively — levels last seen in mid-September.
\n“Crude oil prices have slumped sharply over concerns that this new mutation could add to the pressure on demand,” said CMC Markets analyst Michael Hewson.<\/p>\n
Traders are on edge after the B.1.1.529 variant of Covid-19 was detected in southern Africa.
\nScientists warn the latest variant could be more infectious than Delta and more resistant to vaccines, potentially dealing a heavy blow to the global economic recovery.<\/p>\n
Major US stock indices also dropped at the open of Friday’s holiday-shortened session as investor alarm spread over the new strain.
\n“What a wild end to the week,” Oanda analyst Craig Erlam told AFP.<\/p>\n
He added: “Oil is among the assets taking a heavy beating on the variant news, falling … as traders fret about the impact on restrictions and behaviour this winter.<\/p>\n
“Even without severe restrictions, people will adopt more caution which will weigh on demand.”<\/p>\n","protected":false},"excerpt":{"rendered":"
London, Nov 26 (AFP\/APP):World oil prices slumped more than 10 percent Friday, slammed by demand fear after the emergence of a new variant of Covid-19. In late afternoon London trade, New York’s WTI crude tumbled 11.3 percent to $69.53 per barrel, while European benchmark Brent […]<\/p>\n
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