Crude oil prices drifted lower on Tuesday amid expectations official data due on Wednesday may show another increase in U.S. crude inventories.

Concerns about a likely drop in energy demand amid reports several countries in Europe have temporarily suspended the use of AstraZeneca’s coronavirus vaccine.

West Texas Intermediate Crude oil futures for April ended lower by $0.59 or 0.9% at $64.80 an ounce, falling for a third straight session.

The EU’s largest countries joined a stream of states halting their rollouts of AstraZeneca jabs over blood clot fears, although the World Health Organization said there was no established link to the vaccine.

A third wave of the Covid pandemic is now advancing swiftly across much of Europe, with Italy facing another lockdown over Easter.

White House Chief Medical Advisor Dr. Anthony Fauci pointed to Europe as warning to Americans that letting up mitigation measures early could put the U.S. on a similar course.

The American Petroleum Institute (API) will release its weekly oil report later today, while the Energy Information Administration’s data will be out at 10:30 AM Wednesday.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.