Oil Tumbles 4%, Most Since November, on Europe COVID Worries By

© Reuters.

By Barani Krishnan – Oil prices fell about 4% on Thursday, tumbling their most in a day since November, after a surge in new COVID-19 cases in Europe and the bloc’s continued challenges with vaccinations for the virus.

U.S. government data from a day ago showing a surprisingly large build in domestic added to market jitters, traders said.

New York-traded , the benchmark for U.S. crude, was down $2.53, or 3.9%, at $62.07 per barrel by 10:31 AM ET (14:31 GMT) after an intraday low at $61.92. It was WTI’s sharpest one-day drop since November 6, when it lost 4.3%. The U.S. crude benchmark has also lost 6% since its last positive close a week ago. 

London-traded , the global benchmark for crude, was down $2.59, or 3.8%, at $65.41, after a session low at $65.28. 


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