Oil Prices Crash by 8% on Geopolitical Tensions, Recovery Woes

Crude oil's price plunged by nearly 8% on Thursday -- its largest daily percentage loss since last summer -- amid rising global tensions and new concerns about the pace of the global economic recovery.

West Texas Intermediate crude futures fell for the fifth straight session, dropping to below $60 per barrel and wiping out about two weeks of gains tied to the "recovery trade." With the distribution of COVID-19 vaccines accelerating in the U.S. and many oil-intensive industries including airlines ramping up, investors have been anticipating stronger demand for oil heading into the summer.

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Source Fool.com