UK: Oil falls more than 3% as European coronavirus curbs point to demand hit
LONDON (Reuters) - Oil prices fell more than 3% on Tuesday, hit by concerns that new pandemic curbs and slow vaccine rollouts in Europe will hold back a recovery in demand, while a stronger dollar also weighed.
Brent crude futures dropped by $2.20, or 3.4%, to $62.42 a barrel by 0948 GMT. U.S. West Texas Intermediate (WTI) crude futures fell by $2.10, or %3.4, to $59.46 a barrel.
The market structure was also pointing to weakness, with the front-month Brent spread flipping into a small contango for the first time since January.