The price of oil fell below $48 per barrel during the Asian trading session, breaking the previous pattern of seven consecutive weeks of increase, as markets feared that the mutated coronavirus discovered in the UK might accelerate its spread and lead to more blockades.

New York crude oil futures fell 3% and closed at a nearly ten-month high last Friday. As London and south-east England enter a complete blockade, more than 16 million Britons need to stay at home, and some European countries have imposed restrictions on personnel exchanges with the UK. The strengthening of the US dollar has also reduced the appeal of oil denominated in this currency.

Oil prices have risen by about 33% since the end of October due to a series of breakthroughs in vaccine research and development, bringing hope for a recovery in energy demand next year. However, in the short term, oil prices have been hit by the rapid spread of the virus and the restart of more stay-at-home orders.

“Currently, the oil market has a large amount of speculative capital and is attracted by more constructive prospects in 2021,”Dutch InternationalWarren Patterson, the group's head of commodity strategy, said. “But if we start to see the virus mutate, I think some speculators will say it's changed.”

WTI crude oil futures for January delivery on the New York Mercantile Exchange fell 3% to $47.65 a barrel. The January contract expires on Monday. The more actively traded February contract fell 3% to $47.76. Brent crude oil futures for February delivery on ICE European Futures Exchange fell 3.2% to $50.60. Crude oil futures at the Shanghai International Energy Exchange Center fell 2.7% to 307 yuan.