Investing.com investing.com 22 Dec, 2020 22:15 am

Oil Down Again as Brent Clings to $50 Amid New Covid Strain By Investing.com

Oil Down Again as Brent Clings to $50 Amid New Covid Strain By Investing.com
Oil Down Again as Brent Clings to $50 Amid New Covid Strain

com - Oil prices tumbled on Tuesday for a second straight day, responding to concerns about a mutating new strain of the coronavirus spreading across the United Kingdom and likely to have landed in the United States as well.Until this week’s retreat, oil prices had been on a tear for almost two months on bets that people across the world might soon be able to travel freely as millions of doses of coronavirus vaccines were being prepared for delivery over the course of the next few weeks, after approval by relevant health authorities.Oil prices were also pressured on Tuesday by reports that major producer Russia was planning to hike output in response to higher demand from Asian customers.Crude Oil Prices Fall Again on New Covid-19 Strain Worries p By Geoffrey Smith Investing.

com -- Crude oil prices softened again on Tuesday as the implications of a new strain of the Covid-19 virus for global demand sunk in, while a sharp.travelers amid reports the new Covid-19 strain was spreading 70% faster than earlier variants and was responsible for a surge in cases in London and its surrounding areas.

Read full story at investing.com