Oil Prices Tumble On Vaccine Woes
Oil prices fell sharply on Tuesday to extend declines for a third straight session after many European countries temporarily halted use of AstraZeneca’s vaccine to investigate cases of blood clots that occurred after vaccination.
Concerns about rising stockpiles in the United States also added to the threat to demand posed by deepening vaccination woes.
Benchmark Brent crude fell 1.6 percent to $67.79 a barrel, after having declined half a percent on Monday. U.S. crude futures were down 1.7 percent at $64.31.
The EU’s largest countries joined a stream of states halting their rollouts of AstraZeneca jabs over blood clot fears, although the World Health Organization said there was no established link to the vaccine.
A third wave of the Covid pandemic is now advancing swiftly across much of Europe, with Italy facing another lockdown over Easter.
White House Chief Medical Advisor Dr. Anthony Fauci pointed to Europe as warning to Americans that letting up mitigation measures early could put the U.S. on a similar course.
The stockpiles in the United States are rising because of last month’s “big freeze” which halted refining operations that have taken time to fully return.
The American Petroleum Institute, an industry group, publishes its weekly statistical bulletin later today, followed by official numbers from the Department of Energy on Wednesday.
The material has been provided by InstaForex Company – www.instaforex.com