SINGAPORE, Nov 26 (Reuters) - Asian refining margins for benchmark 10 ppm gasoil and jet fuel dropped on Friday on renewed demand concerns, as a result of a new possibly vaccine-resistant coronavirus variant. The lower cracks also came despite sharply lower crude oil prices. Crude oil prices dived more than 5% on Friday, hitting a two-month low as the new variant spooked investors and added to concerns that a supply surplus could swell in the first quarter. Refining margins for 10 ppm gasoil dropped to $9.45 a barrel over Dubai crude during Asian trading hours, down from $11.37 in the previous session and the lowest since Sept. 9, Refinitiv data on Eikon showed.Similarly, the front-month jet fuel crack fell to a more than two-month low of $7.36 a barrel above Dubai crude, down from $9.74 on Thursday. ARA INVENTORIES Gasoil stocks held independently in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub fell 7% to 1.8 million tonnes in the week ended Nov. 25, the lowest since February 2020, according to Dutch consultancy Insights Global. ARA jet fuel inventories dropped 3% this week to 807,000 tonnes, the lowest since May 2020. SINGAPORE CASH DEALS Two gasoil deals, none on jet fuel. OTHER NEWS - OPEC expects a release of oil stocks by majors consumers to significantly increase a global glut in the next few months, an OPEC source said, just over a week before a meeting to decide immediate output policy. read more - The volume of the U.S.-led coordinated oil release by consuming countries from national reserves is relatively small and is expected to have a limited impact on oil markets, the head of the Petroleum Association of Japan (PAJ) said on Thursday. ASSESSMENTS