Brent Oil Slides on Covid Concerns Ahead of Key OPEC+ Meeting By Bloomberg – Investing.com

Brent Oil Slides on Covid Concerns Ahead of Key OPEC+ Meeting By Bloomberg – Investing.com

(Bloomberg) -- slumped as increasing coronavirus cases and a new Covid-19 strain raised concerns about the outlook for energy demand ahead of next week’s OPEC+ meeting on production policy.

Futures in London slid toward $81 a barrel as crude was swept up in a wave of caution across global markets. Virus cases are climbing in Europe and the U.S., while U.K. authorities will temporarily ban flights from some southern African countries and put travelers in quarantine over worries about the new strain.

“The new Covid variant found in South Africa is ringing fresh alarm bells,” said Vandana Hari, founder of Vanda (NASDAQ:) Insights in Singapore. “I expect OPEC+ to stay the course on its tapering strategy but if the new variant emerges as a major problem in the coming days, it may end up pausing the monthly increments.”