Oil fell 4% on new lockdown and slower demand

International benchmarks for crude oil resumed the falling trend on Thursday, 25 March 2021 as investors shrugged off the Suez Canal incident citing only a small percentage of the world’s crude is shipped through the canal. Fresh lockdown in Europe and weaker demand from Asia ahead of the refinery maintenance season while China is drawing cheaper crude from the storage, is hampering the outlook.

Brent fell $2.46, or 3.8%, to close at $61.95/barrel.

WTI fell $2.62, or 4.3%, to settle at $58.56/barrel.