Oil slips on demand worries as COVID-19 lockdowns tighten in Europe

Oil slips on demand worries as COVID-19 lockdowns tighten in Europe
  • Clock-gray 08:06
  • calendar-gray 15 December 2020

Oil prices dipped in early trade on Tuesday, with demand worries due to tighter lockdowns in Europe outweighing relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East, APA reports quoting. Reuters.

U.S. West Texas Intermediate (WTI) crude futures fell 16 cents, or 0.3%, to $46.83 a barrel at 0158 GMT, while Brent crude futures fell 20 cents, or 0.4%, to $50.09 a barrel, erasing half of Monday’s gains.

London stepped up restrictions requiring bars and restaurants to close, as COVID-19 infection rates continued to rise sharply, which will dent fuel demand in the near term.

Further marring the demand outlook, Italy said it was considering more stringent restrictions over the Christmas holidays, while most stores in Germany have been ordered to shut until Jan. 10, with little prospect of an easing early in the new year.

apa-logo-mini

Other news