Oil prices slide on fresh Covid-19 curbs in Europe, stranded ship

Oil prices fell on Thursday as a new round of coronavirus restrictions in Europe revived worries about demand, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal.

Brent crude slid more than 2 per cent, to $61.64 a barrel at 7.57 pm (IST). US West Texas Intermediate (WTI) crude dropped by $1.86, or 3 per cent, to $59.32 a barrel as of 7.10 pm.

Both contracts jumped about 6 per cent on Wednesday after a ship ran aground in the Suez Canal, one of the world’s most important oil shipping routes.