Stocks and oil prices fall as new Covid variant worries markets – business live
Concerns that the B.1.1.529 variant could hit the global recovery is hammering the oil price.
Brent crude has dropped over 3% to $79.37 per barrel, while US crude has slumped by around 4% to $75.25 per barrel.
Jeffrey Halley, a senior analyst at brokerage OANDA, said the latest variant has sent “a wave of selling” through energy markets, on fears that mass social restrictions could be reimposed:
All we know so far is the B.1.1.529 is heavily mutated but markets are taking no chances, equities are falling, haven currencies such as the US dollar, Japanese Yen and Swiss Franc are rallying, commodity currencies such as the Canadian dollar, Australian dollar and New Zealand dollar are being sold, US 10-year bond yields have moved sharply lower, and oil has slumped.
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