Oil tanks on EU lockdowns news

While the US has been recovering with a fast vaccine rollout and sizeable stimulus cheques posted to its citizens. It has suddenly dawned on investors that Europe is far behind in its recovery. Recent new lockdowns in Italy and France, along with slower than expected vaccine rollouts, sent the benchmark commodity south overnight on concerns that global demand is going to take longer to pre Covid levels. WTI futures fell to US58.20 before coming to close at around US60.00 a barrel wiping out all March gains.