Sharp drop in oil prices due to concerns about demand and vaccinations | Economy

The price of a barrel of American oil (159 liters) fell in New York by almost 9 percent to 58.88 dollars (49.42 euros). Brent oil became more than 8 percent cheaper at $ 62.09 (EUR 52.11) a barrel. Those are the strongest declines in months.

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Earlier this year, oil prices rose sharply due to hopes in the oil market for a quick recovery from the corona pandemic. But now oil traders are concerned that delays in vaccinations could undermine economic recovery and thus demand for oil.

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In addition, the stronger dollar also plays a role, because it makes oil more expensive for traders with other currencies and therefore less attractive. It also points to a weaker demand for oil from China. Concerns about the rapidly rising corona infections in Brazil, among others, are also making oil traders more cautious.

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