Crude oil rates drop as Covid-19 lockdown concerns outweigh Suez Canal disruptions
MELBOURNE: 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.
