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New coronavirus strain in UK affecting oil price, says Russia’s deputy PM

The situation on the oil market is unpredictable now, the deputy prime minister thinks

MOSCOW, December 21. /TASS/. Appearance of a new coronavirus strain leading to new lockdown measures in the United Kingdom and suspension of flights to London by a number of countries resulted in a serious correction of oil prices, Russian Deputy Prime Minister Alexander Novak said on Monday.

"In my opinion, the situation has changed over these two days. It is changing fairly actively. Major lockdown measures have been introduced recently as regards trips to the United Kingdom. A new coronavirus strain appeared and this entailed, in particular, a major oil price correction we notice on markets. We did not see it two days earlier," Novak said.

The situation on the oil market is unpredictable now and market recovery forecasts are not implemented, the official added.

On December 14, United Kingdom’s Secretary of State for Health and Social Care Matt Hancock said British scientists had identified a new coronavirus strain that might be to blame for high infection rates in southeastern England. Hancock said preliminary analysis indicated that the newly-discovered virus strain was spreading faster than any of those exposed previously. Prime Minister Boris Johnson told an urgent news conference on Saturday that according to the current findings the new strain might be 70% more contagious. He added that British experts had not yet found any proof that the virus mutation was fraught with a greater risk of lethal outcome.