West Texas Intermediate (WTI), crude futures plunged by over 3% to trade below $60 a barrel.
Oil prices lost more than 3% at the second trading session of the week on concerns that new COVID-19 lockdown and slow vaccine rollouts in Europe will slow energy demand arbitrarily.
At the time of writing this report, West Texas Intermediate (WTI), crude futures plunged by over 3% to trade below $60 a barrel. The April contract expired on Monday at $61.55, up 13 cents from Friday, after plunging more than 6% last week.
The British-based oil contract, Brent crude futures also slumped by over 3% to $62.63, a barrel.
Oil traders are momentarily shorting oil futures on reports revealing Chancellor Merkel, leader of Europes biggest economy & other regional leaders agreed to put the country into hard lockdown over Easter to try to reverse a “third wave.