Oil drops 1% as COVID-19 vaccine halt threatens demand
NEW YORK: Oil prices fell for a third day on Tuesday, as Germany, France and other European states suspended the use of a major coronavirus vaccine, threatening the recovery of fuel demand.
Brent was down 59 cents, or 0.9%, to $68.29 a barrel by 12:52 p.m. EDT (1652 GMT). US crude fell 75 cents, or 1.2%, to $64.64 a barrel.
Earlier this month, Brent reached its highest since early 2020, while US crude hit a 2018 high.
Germany, France and Italy said they would suspend use of the Oxford/AstraZeneca vaccine after reports about possible serious side effects, although the World Health Organization said there was no established link to the vaccine.
