Oil Plunge Deepens With Renewed Lockdowns Clouding Horizon
- India’s coronavirus cases surge, Europe lockdowns widen
- U.S. crude supplies rose by 2.9 million barrels last week: API
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Oil tumbled to the lowest since early February as a string of renewed lockdown measures in Europe clouded the prospects for a speedy recovery in consumption.
U.S. benchmark futures plunged 6.2% on Tuesday, and the oil futures curve collapsed into a structure indicating near-term weakness. Europe’s demand recovery is set to take another hit with Germany, France and Italy all having widened lockdown measures this month. Meanwhile, coronavirus cases are surging in India and threatening the economy’s recovery from recession.