Oil falls on new restrictions across Europe

Oil falls on new restrictions across Europe

Picture used for illustrative purpose. File



Gulf Today Report 

Oil prices declined on Tuesday by 1 per cent on worries about new pandemic restrictions and the slow pace of vaccine roll out will slow recovery in fuel demand.

US West Texas Intermediate (WTI) crude futures for May delivery fell 62 cents, or 1%, to $60.94 a barrel at 01:49 GMT while Brent crude futures for May dropped by 68 cents, or 1.1% to $63.94, erasing a 9 cent gain in the previous session.

Germany, Europe's biggest oil consumer would be extending restrictions into April. 

READ MORE 

Indian shares decline due to surge in COVID-19 cases

Turkish lira plunges to near record low after CB chief sacked

Zimbabwe's airport inks $176m deal

European countries are extending their lockdowns due to the threat of a third wave following a new variant of coronavirus on the continent.

Last week, the International Energy Agency cut its forecast