Oil crashes more than 10% as new Covid variant strikes fear in global markets

World Oil | Nov 26, 2021 at 1:00 AM
  • Oil crashed more than 10% in both London and New York as a new coronavirus strain sparked fears that renewed lockdowns will threaten the global recovery in demand.
  • Both benchmarks tumbled on Friday with the emergence of the new variant representing the biggest threat to the recovery in oil consumption in several months.
  • The price plunge is the latest dramatic twist ahead of a key OPEC+ meeting next week.