Oil Prices Crash On New Covid Fears

U.S. West Texas Intermediate crude oil futures plunged on Friday as the discovery of a new and possibly vaccine-resistant coronavirus variant spooked investors, raising concerns over potential demand destruction and adding to worries that a supply surplus could swell in the first quarter. The U.S. benchmark fell along with equities and other commodities on fears the variant could dampen economic growth and fuel demand. Britain and the European states have restricted travel from southern Africa, where the variant was detected. Earlier in the week,…