Oil down over fears of stalled demand from lockdowns

Oil prices fell on Tuesday over fears of stalled demand recovery on the back of a third wave of Covid-19 infections, and further lockdowns.

International benchmark Brent crude was trading at $63.91 per barrel at 0624 GMT for a 1.09% decrease after closing Monday at $64.62 a barrel.

American benchmark West Texas Intermediate (WTI) was at $60.86 per barrel at the same time for a 1.13% decline after it ended the previous session at $61.56 a barrel.

After last week's disappointment over the alleged blood clotting side effects of the AstraZeneca vaccine, which was banned in several European countries, investor caution heightened with the possibility of a slowdown in vaccine campaigns and as markets face another weak demand problem.

Adding more to demand fears, several European countries have imposed new lockdown restrictions, while others are considering tightening their regulations to stem the spread of the coronavirus, which is resurging across the continent.

France announced a partial lockdown in 16 regions, including Paris. Germany extended the current lockdown over the Easter holiday, while Italy issued new national restrictions and Poland embarked on a nationwide three-week lockdown on Saturday.