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Sharp drop in oil prices due to concerns about demand and vaccinations | Economy

The price of a barrel of American oil (159 liters) fell in New York by almost 9 percent to 58.88 dollars (49.42 euros). Brent oil became more than 8 percent cheaper at $ 62.09 (EUR 52.11) a barrel. Those are the strongest declines in months.

Earlier this year, oil prices rose sharply due to hopes in the oil market for a quick recovery from the corona pandemic. But now oil traders are concerned that delays in vaccinations could undermine economic recovery and thus demand for oil.

In addition, the stronger dollar also plays a role, because it makes oil more expensive for traders with other currencies and therefore less attractive. It also points to a weaker demand for oil from China. Concerns about the rapidly rising corona infections in Brazil, among others, are also making oil traders more cautious.

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