Oil prices dropped on Monday as new virus-induced mobility restrictions rekindled concerns over demand for fuel.
The West Texas Intermediate (WTI) for January delivery lost 1.36 U.S. dollars to settle at 47.74 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery decreased 1.35 dollars to close at 50.91 dollars a barrel on the London ICE Futures Exchange.
The pullback came after British Prime Minister Boris Johnson on Saturday announced stricter restrictions for London and other parts of England to combat an alarming surge in infections linked to a new virulent strain.
Several countries have announced plans to ban flights from Britain.
For the week ending Friday, the WTI jumped 5.4 percent, while Brent advanced 4.6 percent.
Editor: Galia
