Energy

Oil tumbles 5% as new Covid variant sparks global demand concerns

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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.

U.S. oil declined 5%, or $4.27, to $74.12 per barrel. International benchmark Brent crude futures slid 5.6% to $77.64 per barrel.

A decrease…



Source cnbc.com

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