Oil prices slide on concern about new COVID variant | Reuters

Oil prices slide on concern about new COVID variant | Reuters

Oil prices recorded their steepest daily fall since July on Friday 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 $4.07, or 4.9%, to $78.15 a barrel by 0830 GMT.

U.S. West Texas Intermediate (WTI) crude was down $4.83, or 6.1%, at $73.56 a barrel, after hitting a two-month low during the session. There was no settlement for WTI on Thursday because of the Thanksgiving holiday.