Oil falls as European coronavirus curbs point to demand hit

Oil falls as European coronavirus curbs point to demand hit

MELBOURNE  - Oil prices fell 1% on Tuesday, hit by concerns that new pandemic curbs and slow vaccine rollouts in Europe will slow a recovery in demand, while producers cut prices in a sign of plentiful supply.U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 80 cents, or 1.3%, to $60.76 a barrel by 0725 GMT. The April contract expired on Monday at $61.55, up 13 cents from Friday, after plunging more than 6% last week.Brent crude futures for May dropped by 93 cents, or 1.4% to $63.69, erasing a gain of 9 cents in the previous session."Global travel is still looking like it could be a while away," said Matt Stanley, a fuel broker at Star Fuels in Dubai, adding that a second-half recovery in oil demand looked doubtful as lockdowns remain the order of the day.Extended lockdowns are being driven by the threat of a third wave of infections, with a new variant of the virus on the continent.Germany, Europe's biggest oil consumer, is extending its lockdown until April 18 and asked citizens to stay home to try to stop a third wave of the COVID-19 pandemic. Last week, the Paris-based IEA cut its forecast for crude