Oil prices fell more than 6% on Tuesday, tumbling as concerns over new pandemic curbs and slow vaccine rollouts in Europe compounded additional crude volumes.
“The road to oil demand recovery appears to be full of obstacles as the world continues to fight the Covid-19 pandemic,“ said Bjornar Tonhaugen, head of oil markets at Rystad Energy. Extended lockdowns in Europe are being driven by the threat of a third wave, with a new variant of the coronavirus on the continent.Nearly a third of France entered a month-long lockdown on Saturday following a jump in cases in Paris and parts of northern France.
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