Crude oil tumbles on Europe’s COVID-19 surge

2 min read | November 22, 2021 12:17 PM AEDT | By Arpit Verma

Crude oil tumbles on Europe’s COVID-19 surge — Image source: © Bulus | Megapixl.com

Slowing demand due to COVID-19

Additionally, the demand concerns are also growing due to a rise in COVID-19 cases in Europe. Fresh COVID-19 curbs are expected to hit demand growth. Germany warned on Friday that it may require a full lockdown followed by Austria that stated that it will reimpose strict measures to tackle rising infections.

Falling oil prices

Source: © Yakobchuk | Megapixl.com

Crude oil prices surged more than 60% in 2021 as global economies bounced back from the lows of the pandemic. Apart from this Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+ decided to gradually increase their output.

Bottom Line

Crude oil prices dropped during the early trade sessions on Monday as leading economies across the globe are considering options to release crude oil from their reserves to cool down oil prices.

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