<article><p class="lead">Crude prices have fallen sharply today as governments react to a new Covid-19 variant by introducing a number of new travel restrictions including flight bans.</p><p>Crude futures fell in afternoon trade in Asia as the new variant of the coronavirus raised concerns around demand levels, on top of this week's moves to increase supplies. The Ice front-month January Brent contract was at $78.35/bl at 08:30 GMT, down by $3.87/bl from its settlement on 25 November when the contract ended 3¢/bl lower. The Nymex front-month January WTI crude contract was at $73.75/bl, falling by $4.64/bl from its close on 24 November.</p><p>The UK government announced late on 25 November that it is reintroducing its 'red list' travel restrictions and banning flights from 12:00 GMT today from six nations — South Africa, Botswana, Namibia, Zimbabwe, Eswatini and Lesotho — while the newly-detected B.1.1.529 coronavirus variant is investigated. The flight ban will remain in place until 04:00 GMT on 28 November when hotel quarantine will be reintroduced for arrivals from the six countries. </p><p>The government said the new variant has a number of "potentially biologically significant mutations that may change the behaviour of the virus with regards to vaccines, treatments and transmissibility", and that more investigation is required.</p><p>The reintroduction of travel bans in the UK comes less than a month after the government <a href="https://direct.argusmedia.com/newsandanalysis/article/2268393">ended the last of its pandemic restrictions</a> and removed the remaining countries from its red list. </p><p>Singapore also applied restrictions today, banning arrivals from South Africa and six other African countries to curb the spread of the new variant that is potentially more contagious, its health ministry said today. </p><p>All non-citizens or non-permanent residents who have recently travelled to Botswana, Eswatini, Lesotho, Mozambique, Namibia, South Africa and Zimbabwe will not be allowed to enter or transit through Singapore from 23:59 Singapore time on 27 November. The border restrictions will be in place for four weeks, after which they will be reviewed or extended if necessary. </p><p class="bylines">By Gavin Attridge and Reena Nathan</p></article>
