Tokyo, December 21: The new strain of coronavirus in the UK put pressure on the oil prices as it slid in early trade on Monday. According to a Reuters report, it raised concerns that tighter restrictions in UK and in other European countries could stall recovery in the global economy and its need for fuel.

Brent crude dropped 97 cents, or 1.9percent, to $51.29 a barrel by 0103 GMT after rising 1.5 percent and touching its highest since March last Friday. WTI crude was down 83 cents, or 1.7 percent, to $48.27 a barrel.  Oil prices were reporting gains as investors focused on the rollout of COVID-19 vaccines. Italy Detects New Mutated Coronavirus Strain in UK Returnee.

The new variant, which officials say is up to 70 percent more transmissible than the original, also prompted concerns about a wider spread, forcing several European countries to begin closing their doors to travellers from the United Kingdom.

Britain has warned this new strain of coronavirus was "out of control", and imposed a stringent new stay-at-home lockdown from Sunday. Italy on Sunday said it has detected a new coronavirus strain with mutations in a person who recently returned from the United Kingdom. Italy will further suspend flights to and from Britain after the United Kingdom issued an alert over a new strain of coronavirus.

(The above story first appeared on LatestLY on Dec 21, 2020 08:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).