Oil price slump on rising US stockpiles
- 16 Mar 2021
Gulf Today Report
Oil prices dropped on Tuesday due to gains in US stockpiles increasing concerns about demand as some European countries pause COVID-19 vaccinations.
Brent crude was down 49 cents, or 0.7%, at $68.39 by 04: 33 GMT while US crude was down 47 cents, or 0.7%, at $64.92 a barrel.
Italy, France and Germany would be suspending the AstraZeneca COVID-19 vaccine following reports of serious side effects despite the World Health Organization refuting the claims.
READ MORE
Gold prices mix as investors await outcome of US Fed meeting
Bitcoin ATMs spring across corners in the US
European stocks rise, Asian markets mix
Although oil demand has recovered to pre-pandemic levels, the slow-paced of vaccination in most countries has capped it.
In the United States, stockpiles have recorded an increase after refining operations were paused last month due to bad weather conditions.
Avtar Sandu, senior manager of commodities at Philip Futures in Singapore said "prices are pressured by expectations that last month's winter storm in Texas could keep boosting crude inventories."