Oil tumbles 4% on concerns over Europe curbs, rollouts

NEW YORK: Oil prices fell more than 4% on Tuesday, hit by concerns over new pandemic curbs and slow vaccine rollouts in Europe as well as a stronger dollar.

Brent crude futures were 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 low as $58.47.

Both benchmarks traded near lows not seen since Feb. 12.