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Reuters
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Oil prices plunged today as they feared new restrictions imposed to tackle the Corona pandemic and slow vaccine distribution in Europe would slow the recovery in crude demand.
Brent futures fell 3.84% to $ 62.14 a barrel as of 1:30 p.m. Moscow time while US West Texas Intermediate crude futures fell 3.69% to $ 59.29 per barrel.
Commerzbank said: “The European continent is tightening Corona virus measures, and thus tightening restrictions on movement.”
And the extension of the closures is motivated by the risk of a third wave of infections, given the spread of new strains of the virus on the continent.
Germany, the largest consumer of oil in Europe, is extending general isolation measures until April 18 and asking citizens to stay at home in a bid to stop the third wave of the Covid-19 pandemic.
The rising US dollar also had a negative impact on prices. Given the pricing of oil in dollars, the rise in the US currency increases the cost of oil for holders of other currencies.
Source: Reuters
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