Oil prices decline more than 1.0 pct. amid virus worries

In addition, Russian Deputy Prime Minister Alexander Novak noted that the full recovery of the demand may take up to three years. He pointed out that the travel bans, which some countries imposed on the United Kingdom over the concerns of the spread of the new strain of Covid-19, have had an impact on oil prices, but expressed modest optimism by noting that the second wave of the pandemic has been milder than the first one.
Brent for February 2021 deliveries declined 1.77 percent to go for 50.01 dollars per barrel at 3:06 am ET, while West Texas Intermediate (WTI) for settlements in the same month dropped 1.94 percent to sell for 47.04 dollars per barrel concurrently.