New COVID Variant Causes Oil To Plunge As Demand Picture Clouds

New COVID Variant Causes Oil To Plunge As Demand Picture Clouds

LONDON, ENGLAND - NOVEMBER 26: International passengers walk through the arrivals area at Terminal 5 ... [+] at Heathrow Airport on November 26, 2021 in London, England. A heavily-mutated new variant of the Covid-19 virus, currently called B. 1. 1. 529, has been detected in South Africa, Botswana and Hong Kong. The U. K. Health Secretary Sajid Javid said from 12:00 GMT on Friday all flights from South Africa, Namibia, Zimbabwe, Botswana, Lesotho and Eswatini are being suspended and the countries added to the UK's travel Red List. (Photo by Leon Neal/Getty Images) Oil futures plunged Friday on news of a new Covid-19 variant, with global benchmark Brent crude down nearly 12% — its steepest drop since April 2020 at the peak of Covid-19 pandemic and worldwide lockdowns. In London, Brent crude for January delivery was down $9. 50 at $72. 72. In New York, January West Texas Intermediate (WTI) on Nymex was down $10. 24 at $68. 15 — a 13% drop. Oil products markets were also a bloodbath. NYMEX December gasoline was down a whopping 18. 98¢ at $2. 1299 per gallon, with the diesel contract down 20. 31¢ to $2. 1799/gallon. However, it could take several days,