LONDON - Oil prices nosedived Tuesday on lower demand prospects as Europe's biggest economy Germany said it would reimpose strict coronavirus containment measures and struggles along with other EU nations to roll out vaccines.
Neighbouring France should be vaccinating "morning, noon and evening", President Emmanuel Macron said as he tackles criticism that the COVID-19 immunisation drive has been too slow. He noted that little over two weeks ago crude struck 14-month highs as OPEC and its allies decided keep most of their production cuts in place.
Across the Atlantic, the focus was on the first joint congressional testimony by Federal Reserve boss Jerome Powell and Treasury Secretary Janet Yellen, who were due Tuesday to answer questions on their policy response to the pandemic.
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