Oil prices slumped on Thursday to the lowest level since May as new coronavirus restrictions in Europe brought back memories of March and April, when the industry was decimated by the pandemic.
Brent crude oil, the international benchmark, dipped below $37 a barrel on Thursday, with the $2 fall taking losses for the week to more than 10 per cent, the worst weekly performance in more than six months.
While traders said that the hit to fuel demand was not expected to be as large as this spring, when strict lockdowns curbed global consumption by more than a quarter, France and Germany together still account for about 4 per cent of pre-pandemic consumption.
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