Oil prices drop to two-month low

London, November 26

Oil prices dived more than 5% on Friday, hitting a two-month low as a new Covid variant spooked investors and added to concerns that a supply surplus could swell in the first quarter.

Oil fell with global equities markets on fears the variant, which Britain said scientists considered the most significant found to date, could restrict travel and dampen economic growth and fuel demand.

Brent crude fell $4.68, or 5.6%, to $77.54 a barrel by 1035 GMT.

US West Texas Intermediate (WTI) crude was down $5.20, or 6.6%, at $73.19 a barrel, after Thursday’s Thanksgiving holiday in the United States. — Reuters