Oil prices dive to two-month lows, spooked by new COVID variant | Reuters

Oil prices dive to two-month lows, spooked by new COVID variant | Reuters

Oil prices dived more than 5% on Friday, hitting a two-month low as a new COVID-19 variant spooked investors and added to concerns that a supply surplus could swell in the first quarter.

Oil fell with global equities markets on fears the variant, which Britain said scientists considered the most significant found to date, could restrict travel and dampen economic growth and fuel demand. read more

Brent crude fell $4.68, or 5.6%, to $77.54 a barrel by 1035 GMT.

U.S. West Texas Intermediate (WTI) crude was down $5.20, or 6.6%, at $73.19 a barrel, after Thursday's Thanksgiving holiday in the United States.