Oil falls with Europe’s virus curbs growing

Oil falls with Europe’s virus curbs growing

BloombergOil falls sharply with broader markets as renewed restrictions on movement in Europe clouded the outlook for the consumption once again. Crude futures in New York fall 4.6%, while those in London retreated below $40 a barrel, the lowest since October 5. Germany is proposing widespread curbs for a month, while France is preparing tougher restrictions that may include a lockdown in the latest round of measures to limit the spread of Covid-19. That weighed on European and US equity markets, while the dollar was stronger, souring oil market sentiment. Adding to the gloom, the American Petroleum Institute reported crude inventories expanded by 4.58 million barrels last week, while gasoline stockpiles rise for a second straight week. Crude has come under renewed pressure as the virus leads to a more