Oil prices drop for four consecutive days

Oil prices dropped for the fourth day in a row on Wednesday, with the West Texas Intermediate (WTI) crude trading around $64.80 a barrel on a gloomy demand outlook for Europe due to a slow vaccination campaign.

Germany, France and other European states have halted the use of AstraZeneca’s coronavirus vaccine following reports of blood coagulation disorders in recipients.

Putting a floor under prices were API data showing a surprise drop in US inventories last week.

The West Texas Intermediate (WTI) benchmark for US crude is the world’s most actively traded commodity oil.

Source: Trading Economics