Crude oil skid on stronger US dollar and worsened demand outlook in EU

International benchmark for crude oil fell more than 7% on Thursday, 18 March 2021 on the back of the strengthening US dollar and concerns over the slow demand recovery in the EU after more than a dozen of countries suspended the use of AstraZeneca vaccine while COVID-19 cases continue to rise.

In addition, the expirations of options and futures contracts cause a swing in assets prices.  

Brent plunged $4.72/barrel or 7.46% to $63.28/barrel.

WTI dived $4.6/barrel or 7.67% to $60.00/barrel.