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Oil plunges 10% on new coronavirus variant concerns

Oil prices plunged more than 10 percent on Friday, the largest one-day drop since April 2020, 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 could dampen economic growth and fuel demand. Britain and European countries have restricted travel from southern Africa, where the variant was detected. Brent crude fell $8.77, or 10.7%, to $73.45 a barrel by 10:59 a.m. EDT (1459 GMT).