Oil prices extended losses on Tuesday, amid worrying developments on the COVID-19 front. Major European nations, including Germany, France, Italy, and Spain, reportedly suspended the use of AstraZeneca’s COVID-19 vaccine Monday over reports of dangerous blood clots in some recipients.
In China, meantime, there were 13 new virus cases on the mainland Monday, up from five a day earlier.
Sentiment was also rattled by reports that China has been buying increasing amounts of Iran’s oil, according to S&P Global Platts. At around 07:00 AM GMT, WTI crude retreated 1.1% to $64.67 a barrel while Brent oil sank 1% to $68.22 a barrel.
Still, oil has gained over 30% so far this year, supported by huge economic aid in the US and smooth vaccinations.
Also, OPEC estimated that global demand recovery would occur in H2 2021.