• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Energy Armageddon
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 15 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days Goldman Betting on Cryptocurrencies
  • 8 days Сryptocurrency predictions
  • 12 days Putin and Xi Bet on the Global South
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Oil Prices Drop On Third Wave Of Coronavirus Lockdowns

The unfortunate tanker mishap in the Suez Canal that continues to block tanker traffic is being overshadowed by another wave of coronavirus-inspired lockdowns, sending oil prices once again downward.

Oil prices slipped roughly 4% on Thursday afternoon, with WTI crude trading down $2.80 per barrel at $58.88—down 4.58% on the day.

Brent crude was trading down $2.48 per barrel at $61.93—a slide of 3.85% on the day.

Weighing heavily on oil prices are the third wave of coronavirus lockdowns in Europe. Experts suggest that Poland is in the throes of its worst point in the pandemic, reporting a record number of cases. As a result of the increase in infections, Poland has just announced a strict two-week lockdown that will close nursery schools and salons and reduce church capacity.

The Polish Prime Minister Mateusz Morawiecki said that Poland was “one step away from crossing the border beyond which we will not be able to properly heal our citizens.”

Additional lockdown measures in France went into effect on Saturday, and the government has threatened to implement tougher measures still.

Germany had imposed a strict five-day lockdown over the Easter holiday but has since rethought that strategy, which has angered its citizens.

The lockdowns will stifle oil demand in Europe, and the market is more concerned with this aspect than with the vessel that has lodged itself in the Suez Canal, creating a traffic jam that includes oil tankers, which is tightening short-term supplies.

Add to these two events OPEC’s meet that is coming up on April 1. Although it is expected that OPEC will hold oil its production steady for the most part considering the volatile nature that still exists in the market, the uncertain nature of the meeting has put traders on edge as they watch for signs that would give clues to OPEC’s strategy as the group tries to keep the market in balance and prices at optimum levels.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News