New COVID-19 strain pushes energy stocks lower

The discovery of a new strain of the coronavirus in the United Kingdom contributed to Monday’s selloff in energy and oil stocks, The Wall Street Journal reported. Oil down 4% amid rising concerns Brent crude oil prices were down 4.1% at $50.10 a barrel while WTI oil prices were also down 4.1% at $47.31. The weakness is attributed to a new COVID-19 strain that is 70% more contagious. The UK government discovered the strain in recent days and took immediate action to impose new restrictions across the country with a focus on London. Naturally, expectations for stricter lockdowns across the