Working oil pumps against a sunset sky.
Imaginima | E+ | Getty Images
Oil prices tumbled to the lowest level in more than two months Friday as the new Covid-19 strain sparked fears about a demand slowdown just as supply increases.
The leg lower came amid a broad sell-off in the market with Dow futures dropping more than 800 points. The World Health Organization warned Thursday of a new Covid variant detected in South Africa. It could potentially be more resistance to vaccines thanks to its mutations, although the WHO said further investigation is needed.