Oil prices slide as Covid lockdown concerns outweigh Suez Canal disruptions

By Sonali Paul MELBOURNE (Reuters) - Oil prices skidded around 2% as fuel demand concerns re-emerged alongside fresh coronavirus pandemic lockdowns, trimming overnight gains spurred by the grounding of a giant container ship blocking crude shipments through the Suez Canal. Brent crude futures slid $1.14, or 1.8%, to $63.27 a barrel at 0139 GMT, after jumping 6% overnight. U.

S. West Texas Intermediate (WTI) crude futures dropped by $1.27, or 2.1%, to $59.91 a barrel, after climbing 5.9% overnight. Prices had tumbled earlier.....

This article is no longer available in our repository.

There could be multiple reasons for this.