Oil Prices Plunged as New Covid-19 Variant Raised Fears

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(Reuters) – Oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus 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, could dampen economic growth and fuel demand. The World Health Organization (WHO) has designated the new variant, which it named Omicron, as “of concern,” according to the South African health minister.

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