Oil prices continued their downward momentum on Tuesday, following the sharp losses in the previous session as several countries closed their borders to British travellers and freight after the spread of a new strain of the novel coronavirus in the United Kingdom.
Brent crude was trading down 0.4 percent at $50.70 per barrel, at 7 am Riyadh time.
The international benchmark, and the US West Texas Intermediate, lost nearly 3 percent on Monday.
After the UK government warned of the new variant of the virus, India, Pakistan, Russia, Jordan and Hong Kong joined European countries in suspending travel from Britain, and Saudi Arabia, Kuwait and Oman closed their borders completely.
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