African strain of coronavirus crashes oil market

One of the reasons for the fall in oil prices is the news about the emergence of a new strain of coronavirus in South Africa, which may be much more dangerous than the existing ones, including because the effectiveness of existing vaccines against it is questionable. Because of this, WHO is calling an emergency meeting on Friday.

Brent's stock price dropped to a two-month low. Oil prices are dropping by 6% amid fears of a new variant of the coronavirus and a surplus of raw materials on the market, which may appear early next year.

The price of Brent oil during the trading fell to $ 77.25 per barrel, follows from the trading data. This is the minimum since the end of September. Oil depreciates on Friday by about 6% in comparison with the closing price of trading on November 25.

Because of this, the World Health Organization (WHO) is convening an emergency meeting on Friday, and a number of European countries have decided to ban or restrict flights from South Africa.