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Oil Price Slumps on Fears of New Covid-19 Restrictions

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South Africa’s warning of a new and fast-spreading strain of coronavirus walloped the energy sector on Friday, leading to the sharpest declines in oil prices since the global economy locked down early last year to slow the spread of the deadly virus.Oil prices fell more than 11%.

Gasoline and diesel futures each dropped more than 12%. Tumbling energy stocks gave the strongest pull to plunging stock indexes Friday.

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