Prices of oil crash by 6.7% as European countries extend lockdown orders

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Prices of oil crashed by over 6% on Tuesday even as major European countries such as Italy, France, and Germany extended or declared new lockdowns in their respective states.

Reports say Brent Crude oil slumped by 6.65% to trade at $60.32 per barrel as at 9:55 pm on Tuesday as bearish sentiment returns to the market after Covid-related restrictions in Europe increased.

The crash in global oil prices is attributed to the revived fear in the resurgence of the covid-19 in major countries in Europe, prompting concerns about mobility and oil demands in coming weeks as they begin fresh rounds of lockdowns.

A stronger US dollar also affected oil prices on Tuesday, as investors flocked to haven asset classes such as the US Treasuries and avoided riskier assets such as the crude market.

Brent crude dropped by 5.93% to close at $60.79, Natural gas ($2.517), WTI Crude ($57.39), and Bonny Light at $62.91.

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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