Oil extends losses on demand fears | Reuters
Oil prices fell on Friday, extending losses from a big sell-off the previous day as a new wave of coronavirus infections across Europe triggered fresh lockdowns and dampened expectations of any imminent recovery in fuel demand.
Brent crude was down $1.06, or 1.7%, at $62.22 a barrel by 1347 GMT. West Texas Intermediate (WTI) U.S. crude fell 86 cents, or 1.4%, to $59.14. Both traded within a wide range of more than $2 a barrel on Friday.
Oil closed about 7% down on Thursday as several large European economies reimposed lockdowns and vaccination programmes were slowed by distribution issues and concerns over potential side effects.
Although Germany, France and other countries have announced the resumption of inoculations after regulators declared the AstraZeneca vaccine safe, the programme halt has made it harder to overcome resistance to vaccines among some of the population.
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