Brent Crude Drops Below $75 for First Time Since Late September
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Oil fell sharply as a new coronavirus strain raised concerns about the outlook for demand and sent global markets spiraling.
Brent fell below $75 a barrel for the first time since late September and futures in New York dropped to $70.82 at 10:35 a.m. ET. The emergence of the new strain represents the biggest threat to the recovery in oil consumption for several months, with several governments tightening restrictions on travel from countries in southern Africa. Global markets sold off heavily, as traders fled to haven assets.