Oil prices showed a sharp drop in trading earlier in the week pressed by market concerns over the discovery of a new Covid-19 variant in the UK, prompting tighter restrictions to be imposed in the country.
To curb the surge in infections associated with the new type of virus, UK Prime Minister Boris Johnson has announced a Covid-19 blockade of places in London and parts of England.
PM Johnson will chair an emergency meeting today, in response to the new findings by discussing international travel and the flow of goods in and out of Britain.
According to World Health Organization (WHO) data, the UK recorded the highest daily increase since the outbreak began, at 35,928 cases on Sunday. Meanwhile, the death toll rose by 326 people to the latest in excess of 67,000 casualties.
Adding to the pressure on crude oil trade, it was the decision of some European Union (EU) countries to close their borders from the UK to prevent the spread.
In today's Asian session, Brent crude futures fell 3.2% to $ 50.57 a barrel, while the US WTI fell 3.1% to $ 47.70 a barrel.
Nevertheless, news of the agreement reached in the US stimulus package slightly supported the black commodity trade from falling lower.
