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Demand Concerns Weigh

OIL

Crude futures are lower again on Tuesday, casualties of the broad risk off theme. WTI is $0.64 lower at $60.93/bbl, Brent is $0.64 lower at $63.98/bbl.

  • Demand concerns weigh on oil after German Chancellor Merkel announced stricter lockdown measures to be in place over Easter. France and Poland have already announced new lockdown measures to combat rising COVID-19 infections, while UK PM Johnson warned the UK was at risk of a third wave. There are also demand concerns emanating from an increase in cases in India, while demand in South East Asia is said to have plateaued as lockdowns drag on and vaccination programmes proceed slower than expected.
  • Markets await comments from Fed Governor Powell and US Tsy Secretary Yellen in a Fed heavy week, while participants will also look to API inventory figures later on Tuesday
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