Oil Down as Uneven COVID-19 Recovery Stoke Fuel Demand Worries
il was down Tuesday morning in Asia, continuing its trend downwards over persistent worries about fuel demand recovery in the short term.
Brent oil futures were down 0.44% to $63.98 by 9:37 PM ET (1:37 AM GMT) and WTI futures fell 0.96% to $60.97. Both Brent and WTI futures remained above the $60 mark, however. The prompt timespread for Brent futures was 10 cents a barrel in backwardation on Monday, compared with 67 cents at the beginning of March.
An uneven recovery from COVID-19 globally is also putting pressure on the black liquid. Some European countries, including Germany, are extending or re-imposing restrictive measures as the number of cases climbs. Across the Atlantic, New York City mayor Bill de Blasio called for a pause on the city’s reopening citing insufficient information about COVID-19 variants. Demand has plateaued in South East Asia and is not expected to pick up to pre-COVID levels until the end of 2021 or possibly even later.
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