Breaking: Oil prices break below $50 per barrel

Oil prices dropped over 4% at Monday’s trading session amid reports that reveal the fast-spreading new COVID-19 strain has shut down much of the United Kingdom.

This has further led to tighter restrictions in Western Europe, thereby triggering fears among oil traders about a slower recovery in fuel demand.

What you should know

At the time of writing this report, Brent crude plunged by over 4.75% to trade at $49.85 a barrel, after rising 1.5% to its highest since March on Friday.U.S. West Texas Intermediate (WTI) futures also dropped by 4.65% to trade at  $46.88 a barrel, after gaining 1.5% on Friday to its highest since February.