Brent crude settled down US$1.35, or 2.6%, at $50.91 a barrel, while U.S. West Texas Intermediate (WTI) crude for delivery in January ended the session $1.36, or 2.8%, lower at $47.74 ahead of expiry. The more active February WTI contract fell $1.27, or 2.6%, to settle at $47.97 a barrel.
NEW YORK: Oil prices tumbled nearly 3% on Monday as a fast-spreading new coronavirus strain that has shut down much of Britain and led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.
Brent crude settled down US$1.35, or 2.6%, at $50.91 a barrel, while U.S. West Texas Intermediate (WTI) crude for delivery in January ended the session $1.36, or 2.8%, lower at $47.74 ahead of expiry.
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