Oil Prices Tumble On Demand Worries

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Oi prices fell sharply on Friday as fresh lockdowns across Europe and signs of new outbreaks in China revived worries about fuel demand.

Benchmark Brent crude fell 1.8 percent to $55.38 a barrel, while U.S. West Texas Intermediate crude futures were down 1.5 percent at $52.77.

Germany, Europe’s biggest economy, today passed two million coronavirus cases as countries tighten restrictions to curb the spread of new, more contagious strains of the disease.

Portugal imposed a new nationwide lockdown while Britain requires negative tests for entry. Fresh curbs on populations were announced from Brazil to Lebanon. Amid fears of surging cases, Germany is considering a “mega-lockdown”.

France is introducing tougher restrictions for anyone entering the country from outside the EU.

Elsewhere, China has put millions of people in lockdown in response to new outbreaks of Covid-19 in the north and northeast.

Concerns over rising Sino-U.S. tensions also weighed on the commodity after the U.S. government blacklisted Chinese smartphone maker Xiaomi Corp and ten other companies over alleged military links.

The material has been provided by InstaForex Company – www.instaforex.com

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