Commodity Update March 24, 2021: Oil Fall 11% in 5 Days on Europe’s 3rd Wave Concerns

Commodity update as of 9:25 local time in Thailand on March 24, 2021

 

Oil prices continued to decline in the morning session in the Asia market trading hours after a 4% plummet last night as concerns over fuel demand, reflecting the lockdown in Germany and the ongoing coronavirus cases in Europe, which are the biggest oil consumers.

Yesterday, the West Texas Intermediate (WTI) for May delivery lost 3.8 U.S. dollars to settle at 57.76 dollars a barrel, while the international benchmark Brent crude for May delivery shed 3.83 dollars to close at 60.79 dollars a barrel. Both benchmarks lost nearly 11% total in the past five days.