Oil prices drop 2% as Covid-19 vaccine halt threatens demand

Brent was down $1.11 cents, or 1.6%, at $67.77 a barrel by 1325 GMT. U.S. crude fell $1.17, or 1.7%, at $64.22

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In the United States, crude inventories are also rising as refineries have taken time to recover fully from a

Reuters

2 min read Last Updated : Mar 16 2021 | 9:22 PM IST

Oil prices fell for a third day on Tuesday, as moves by Germany, France and other European states suspended the use of a major coronavirus vaccine, which threatens the recovery of fuel demand.

Brent was down $1.10, or 1.6%, to $67.78 a barrel by 10:58 a.m. EDT (1458 GMT). US crude fell $1.26, or 1.9%, to $64.13 a barrel.

Earlier this month, Brent reached its highest since early 2020, while US crude hit a 2018 high.

Germany, France and Italy said they would suspend the use of the Oxford/AstraZeneca vaccine after reports about possible serious side effects, although the World

Topics : Crude Oil Price Coronavirus Vaccine Oil production Oil demand