Oil Extends Losses to More than 6%

Oil prices dropped on Tuesday and entered into a correction wave amid selling pressures and concerns about the outlook for the recovery of the global demand.

A third wave of the Coronavirus pandemic and imposing new lockdown measures in Europe are diminishing hopes of a quick economic recovery and a return to the pre-pandemic levels of oil demand, which the International Energy Agency (IEA) recently expected would not happen before 2023.

Brent crude futures for May delivery finished lower by $4.26, or 6.59%, at $60.36 a barrel.

In the New York Mercantile Exchange (NYMEX), the U.S. West Texas Intermediate (WTI) crude futures for May delivery lost $3.80, or 6.17%, to settle at $57.76 per barrel.