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The third wave of Corona is dropping oil prices
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Oil prices fell 1 percent, Tuesday, due to fears that new restrictions on the spread of the epidemic and the slow spread of vaccines in Europe will slow the recovery of demand for fuel and with producers cutting prices, indicating an abundance of oil supply.
US West Texas Intermediate crude futures for May delivery were down 71 cents, or 1.12%, to $ 60.86 a barrel at 05:49 GMT.
May Brent crude futures fell 78 cents, or 1.21%, to $ 63.84, giving up gains of 9 cents in the previous session.
Germany, the largest consumer of oil in Europe, is expected to extend restrictions on shopping and travel until April to contain the third wave of COVID-1 infections, prompting economists to lower their growth forecasts, and there is fear of a third wave of infections that may hit Europe.
The Paris-based International Energy Agency last week lowered its forecast for crude demand in 2021 by 2.5 million barrels per day, while the Energy Information Agency expected global oil supply to exceed demand in the second half of 2021.
Africa's largest oil producer Nigeria also on Monday lowered the official selling prices for April shipments, indicating that suppliers are trying to encourage sales. Angola, the continent's second largest producer and the main supplier to China, still has some April shipments still unsold, indicating a lack of interest in Chinese refiners.
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