Oil prices fall on demand worries

Oil prices fell over one per cent on Thursday amid persistent demand worries as Europe faces a surge of Coronavirus infections and a slow vaccination rollout.

Brent crude for May settlement fell by 86 cents, or 1.3 per cent, to 63.55 dollars per barrel, after having jumped as much as 6 per cent on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down 98 cents, or 1.6 per cent, at 60.20 dollars, after climbing 5.9 per cent the previous day.

There are growing concerns that tighter pandemic curbs in Europe and vaccine delays will stall fuel demand growth.

The European Commission is seeking added controls on vaccine exports as a third wave of Coronavirus infections sweeps across much of mainland Europe.

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