Breaking News
Crude oil

Oil Prices Drop Amid Worrying Developments on COVID-19

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.

About Babajide Iletogun

Check Also

Petrol Price May Rise To N1,000 Per Litre—DPR

Ololade Omosan-Agie The Department of Petroleum Resources says the pump price of petrol in Nigeria …

Leave a Reply