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📉Oil plunges more than 4%🛢

4:13 PM 18 March 2021

🔽Oil continue the fall on Europe Covid worries

Oil is trading under pressure today,  tumbling the most in a day since November. WTI crude futures fell more than 4% and are trading below $62 per barrel, as concerns about fuel demand recovery mounted due to a rising numbers of new coronavirus infections in Europe and the suspension of AstraZeneca's COVID-19 vaccine. Additionally, the International Energy Agency said in its monthly report yesterday that demand is not expected to return to pre-crisis levels until 2023.

WTI Crude (OIL.WTI)  - price broke below the lower limit of the descending channel. If the current sentiment prevails, support at $60.76 may be at risk. Source: xStation5
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