Oil prices plummeted early on Monday as a new strain of the coronavirus in the UK, found to be spreading faster among people, prompted tougher lockdowns in Britain and many European countries banning flights from the UK.

As of 8:41 a.m. ET on Monday, WTI Crude was plunging by 4.20 percent to $47.04, and Brent Crude was down by 4.17 percent on the day at $50.12, after briefly slipping to below $50 a barrel.

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EXCELUBE continues to monitor global development and strives to support our customers' requirements despite market volatility and scarcity of supply.

Contact enquiry@excelube.com or whatsapp +61 434474913 for more information and price offers for base oil, rubber process oils (RPO), paraffin wax emulsion and our range of services.

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