By Jessica Resnick-Ault
NEW YORK (Reuters) -Oil costs fell greater than 4% on Tuesday, hit by considerations over new pandemic curbs and gradual vaccine rollouts in Europe in addition to a stronger greenback.
futures had been down $2.56, or 4%, to $62.08 a barrel by 12:16 p.m. ET (1616 GMT), having hit a low of $61.41. West Texas Intermediate crude (WTI) fell $2.65, or 4.3%, to $58.91, after falling to as little as $58.47.
Each benchmarks traded close to lows not seen since Feb. 12.
The front-month Brent unfold flipped right into a small contango for the primary time since January. Contango is the place the front-month contracts are cheaper than future months, and will encourage merchants to place oil into storage.
“The highway to grease demand restoration seems to be stuffed with obstacles because the world continues to battle the COVID-19