Oil prices ended lower today, with WTI back below $65, as traders weighed demand amid global recovery expectations against Europe's vaccination debacle.
"The crude demand outlook still remains the key for higher prices and if short-term risks continue to grow due to virus variants, oil prices could be in for modest 10% pullback," Moya said. He also said in a market update Tuesday that the suspension of the use of AstraZeneca's vaccine by some European nations "should diminish the crude demand outlook in the short term."
Road-fuel use is picking up in India and the U.S., but in France, consumption remained 10.8% lower in February year-over-year, according to the country’s petroleum-industry federation UFIP.