Oil slump deepens as Europe faces pandemic lockdowns

Prices plunged the most on Thursday since last summer, leaving oil down nearly 10% this week with the reality that the pandemic is abiding, even if infections have plummeted in the U.S., the worst-hit country and biggest crude consumer.

Rising Covid‑19 cases, particularly in Brazil, also weighed on the demand outlook, and a stronger U.S. dollar pressured oil prices.

Rising Covid‑19 cases, particularly in Brazil, also weighed on the demand outlook, and a stronger U.S. dollar pressured oil prices. (REUTERS)