Lockdown / PSBB

Oil slips on demand worries as Covid-19 lockdowns tighten

MELBOURNE/SINGAPORE (Dec 15): Oil prices fell on Tuesday as tighter lockdowns in Europe and a forecast for a slower recovery in demand next year outweighed relief from vaccination rollouts and concerns about a flare-up of tension in the Middle East.US West Texas Intermediate (WTI) crude futures fell 36 cents, or 0.8%, to US$46.63 a barrel at 0506 GMT, while Brent crude futures fell 40 cents, or 0.8%, to US$49.89 a barrel, erasing Monday’s gains.London stepped up restrictions requiring bars