Oil continues to fall in price due to a new type of COVID-19

On Tuesday, oil prices of benchmark brands continued to decline after falling the day before on the news of the detection of a new type of coronavirus in the UK, Interfax reports.

The cost of February futures for Brent on the London ICE Futures exchange on Tuesday amounted to $50.56 per barrel, which is $0.35 (0.69%) lower than the price at the close of the previous session. As a result of trading on Monday, these contracts fell by $1.35 (2.6%) to $50.91 per barrel.

The price of February futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) fell to $47.59 per barrel, which is $0.38 (0.79%) below the level of the previous trading. The day before, these contracts lost $1.27 (2.6%), falling in price to $47.97 per barrel. The January futures, which expired with the close of the market on Monday, fell by $2.77 (2.8%) to $46.18 per barrel.

The market was under pressure from reports of the detection of a new strain of coronavirus in the UK, due to which the British authorities imposed the most stringent restrictions on the movement of residents of London and almost the entire south-east of England. Several European and other countries have announced restrictions or termination of transport links with the UK.

However, medical experts say there is no evidence that the new coronavirus is more deadly, MarketWatch writes.

The market is supported by the adoption of a new fiscal stimulus package in the US. The US Senate, following the House of Representatives, supported a $900 billion economic stimulus package during the pandemic.

The European Commission on Monday, December 21, permitted the emergency use of the COVID-19 vaccine developed by Pfizer and BioNTech.

Tags: oil, EU, USA, coronavirus, price, quarantine, pandemic, economy, COVID‑19 vaccine

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