International crude oil prices have declined by $10 a barrel on Friday in the United States, the United Kingdom and other countries amid fears of new Covid virus Omicron grip the world.
This decline in crude oil price is being seen the largest one-day drop since April 2020.
Media reports indicate that crude oil fell sharply with global equities markets on fears that the South African Covid variant could dampen economic growth and demand of fuel.
Many countries in the world have announced ban on the entry of travellers from South Africa and six other countries a day after the new variant hit the limelight in international media.
On Friday the brent crude oil price fell to $72/barrel from earlier level of $82 per barrel.
On Saturday, the World Health Organization has designated the new variant, Omicron, as “of concern,” according to the South African health minister.
The United States, Canada, Britain, Guatemala and European countries are among those to restrict travel from southern Africa, where the variant was detected.
