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Oil prices fall on demand worries

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Oil prices fell over one per cent on Thursday amid persistent demand worries as Europe faces a surge of Coronavirus infections and a slow vaccination roll out.

Brent crude for May settlement fell by 86 cents, or 1.3 per cent, to 63.55 dollars per barrel, after having jumped as much as 6 per cent on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down 98 cents, or 1.6 per cent, at 60.20 dollars, after climbing 5.9 per cent the previous day.

There are growing concerns that tighter pandemic curbs in Europe and vaccine delays will stall fuel demand growth.

The European Commission is seeking added controls on vaccine exports as a third wave of Coronavirus infections sweeps across much of mainland Europe.

As concerns mount about global demand, investors ignored supportive factors such as the Suez Canal disruptions and signs of stronger gasoline demand in the U.S.

At least 150 vessels are waiting to use the Suez Canal after a skyscraper-sized cargo ship wedged across the vital waterway, according to canal service provider Leth Agencies.

Halima Sheji

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