Oil prices drop 2% as Covid-19 vaccine halt threatens demand
Oil prices fell for a third day on Tuesday, as moves by Germany, France and other European states suspended the use of a major coronavirus vaccine, which threatens the recovery of fuel demand.
Brent was down $1.10, or 1.6%, to $67.78 a barrel by 10:58 a.m. EDT (1458 GMT). US crude fell $1.26, or 1.9%, to $64.13 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 the 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.
