Oil drops nearly 6% as dollar rises and vaccine rollout stalls

https://economictimes.indiatimes.com/markets/commodities/news/oil-drops-nearly-6-as-dollar-rises-and-vaccine-rollout-stalls/articleshow/81575592.cms

NEW YORK: Oil prices sunk for a fifth day in a row on Thursday to their lowest in two weeks on growing worries about rising COVID-19 cases in Europe and the strengthening US dollar that hurts the value of oil.

"Crude prices are declining for a fifth consecutive day as concerns grow that Europe won’t have a regular summer," said Edward Moya, senior market analyst at OANDA in New York, noting "Europe is seeing a third straight week of rising COVID-19 cases and with vaccination hurdles remaining in place."

A slowdown in vaccination programs in Europe and the prospect of more restrictions to control the coronavirus have tempered expectations for a recovery in fuel use.