Crude oil futures ended lower on Monday as reports saying a surge in a new strain of the coronavirus in the UK raised concerns about energy demand. A fast-spreading new coronavirus strain shut down much of the United Kingdom and disrupted international freight. According to reports, more than 16 million Britons are now required to stay at home as a full lockdown came into force in London and the southeast of England. The new variant of the virus is thought to be up to 70% more transmissible than the original strain of the disease. The World Health Organization said the same mutation of the Covid-19 virus has also been detected in the Netherlands, Denmark and Australia.
Crude oil futures for February fell $1.27 or 2.6 percent to settle at $47.97 a barrel on the New York Mercantile Exchange. February Brent crude dropped $1.40 or 2.7 percent to settle at $50.86 a barrel on London's Intercontinental Exchange.