Renewed lockdowns send oil prices tumbling
Oil prices nosedived Tuesday on lower demand prospects as Europe’s biggest economy Germany said it would reimpose strict coronavirus containment measures as it struggles, along with other EU nations, to roll out vaccines.
European stocks ended the day mostly lower, as did US stocks, as renewed fears of spreading Covid-19 overtook hopes of a swift reopening to the world’s largest economy.
On currency markets, the Turkish lira stabilized a day after plunging in reaction to news that President Recep Tayyip Erdogan sacked the country’s market-friendly central bank chief, raising concerns about another round of financial turbulence.
Germany will meanwhile enter a strict shutdown for five days over Easter amid surging virus rates, Chancellor Angela Merkel and regional leaders agreed Tuesday.
