Oil prices dip as new strain of coronavirus wearies investors

Early Monday trade saw oil prices dipping as the new coronavirus strain rapidly spreading in Britain triggered concerns that lockdown measures and restrictions in the country, along with other European nations, would stall the economic recovery, including fuel demand.

Brent crude fell 97 cents, or 1.9%, to $51.29 a barrel by 0103 GMT after increasing 1.5% and hitting a 9-month high last Friday.

U.S. West Texas Intermediate (WTI) crude lowered 83 cents, or 1.7%, to $48.27 a barrel after also climbing 1.5% on Friday to its highest level in 10 months.

These oil price declines emerged after posting seven consecutive weeks of gains last week as investors weighed on the rollout of COVID-19 vaccines.

British Prime Minister Boris Johnson will hold an emergency response meeting on Monday to tackle international travel, in particular the flow of freight in and out of Britain as COVID-19 cases hit a record-breaking confirmed number of cases in a day.