Oil Prices Move Weak! - Kakiforex | Forex markets for the smart money. Oil Prices Move Weak! Oil Prices Move Weak!

March 23, 2021

Oil Prices Move Weak!

 Oil prices moved weak amid market concerns over global fuel demand that may be affected by the third wave of the Covid-19 outbreak in Europe and the slowdown in vaccine launches.

The rapid spread of the coronavirus outbreak in Europe, added to market concerns over the slow vaccination program and forced the imposition of new restrictive measures.

Europe’s largest oil consumer, Germany is expected to extend the implementation of sanctions measures to curb the spread of Covid-19 until a fifth month, while France and Italy have introduced new sanctions.

Meanwhile, UK Prime Minister Boris Johnson also warned that the third wave that hit the European Union (EU), may spread as far as Britain.

The UK, which is currently facing pressure from the EU from threats to halt vaccine exports, is at risk of facing delays in its vaccination program.

This has put pressure on black commodity trading rather than rising higher.

Brent crude futures traded lower around $ 64 a barrel, while US WTI was down 60.98 a barrel.