Crude oil settled lower on Tuesday, extending their previous session’s losses, amid rising worries about the outlook for energy demand due to new restrictions on travel following a surge in coronavirus cases. Despite the rollout of a vaccine, worries about virus infections continue following the detection of a new variant of the coronavirus in the UK. More than 40 countries have banned UK arrivals amid fears over the coronavirus mutation that was first identified in Britain.
Crude oil futures for February fell $0.95 or 2 percent to settle at $47.02 a barrel on the New York Mercantile Exchange. February Brent crude dropped $0.83 or 1.6 percent to settle at $50.08 a barrel on London's Intercontinental Exchange.