FILE PHOTO: Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. REUTERS/Brendan McDermid
Brent crude futures were down 54 cents, or 1.1% to $50.37 a barrel at 0531 GMT, while U.S. West Texas Intermediate crude futures fell 59 cents, or 1.2%, to $47.38 a barrel. After the UK government warned that a new variant of the virus seemed to be spreading much faster than previous kinds, India, Pakistan, Russia, Jordan and Hong Kong joined European countries in suspending travel from Britain, and Saudi Arabia, Kuwait and Oman closed their borders completely.
“After the euphoria of vaccines roll-out and a false sense of comfort that the coronavirus is going away, the emergence of the new strain and a reality of a disorderly Brexit, traders would rather take some profit off the table given the erratic movement of markets,” said Avtar Sandu, senior commodities manager at Phillip Futures.
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