Oil prices decline as new coronavirus strain affects demand
Oil prices decline as new coronavirus strain affects demand
Picture used for illustrative purpose. File
Gulf Today Report
Oil prices fell on Tuesday as a new strain of coronavirus detected in the United Kingdom increase worries over fuel demand recovery.
The new strain is believed to be 70% transmissible, its widespread has shut down Britain and made a lot of countries close their borders to British travellers.
Brent crude futures were down 54 cents, or 1.1% to $50.37 a barrel at 05:31 GMT while US West Texas Intermediate (WTI) crude futures fell 59 cents, or 1.2%, to $47.38 a barrel.
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