Just In: Oil prices slump by more than 3%

Wale Ameen

Oil prices lost more than 3% at the opening trading session of the week following concerns that new COVID-19 lockdown as well as slow vaccine rollout across Europe could lead to a reduction in demand.

The West Texas Intermediate (WTI), crude futures plunged by over 3% trading below $60 to a barrel as the April contract expired on Monday at $61.55, up with 13 cents from Friday after it plunged more than 6% last week.

The British-based oil contract, Brent crude futures also slumped by over 3% to trade at $62.63 per barrel.

Reports are rife that German Chancellor, Merkel, leader of Europe’s biggest economy  as well as other regional leaders might have agreed to put the country on another hard lockdown which might commence from April 1st in a bid to avert a third wave of the deadly Coronavirus.

Good Morning from Germany where Chancellor Merkel & regional leaders agreed to put country into hard lockdown over Easter to try to reverse a “third wave.” All stores will be shuttered from April 1 for 5 days, except for food stores which will open on Apr3 https://t.co/UajRFLwtNO pic.twitter.com/M76L6QIHQB

— Holger Zschaepitz (@Schuldensuehner) March 23, 2021

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