Oil drops below $48 on alarm over virus mutation and lockdown risks
21 December 2020 - 06:59
Oil fell below $48 a barrel in Asian trading — after posting a seventh weekly gain — on concern a mutation of Covid-19 discovered in the UK could speed transmission of the virus and lead to more lockdowns.
Futures in New York dropped 3% after closing at the highest in almost 10 months on Friday. More than 16-million Britons are now required to stay at home as a full lockdown came into force in London and the southeast of England, with many countries limiting travel with the UK. A stronger dollar also reduced the appeal of commodities that are priced in the currency...
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