Crude oil futures ended sharply lower on Thursday weighed down by worries about the outlook for energy demand due to the extension of lockdown measures in several countries. Several countries in Europe, including Germany, France and Italy, are seeing spikes in coronavirus cases and are reportedly extending lockdown measures. Also, there are growing concerns about vaccine delays causing a dent in fuel demand. Traders largely shrugged off the Suez Canal disruptions and signs of stronger gasoline demand in the US. At least 150 vessels were said to be waiting to use the Suez Canal after a skyscraper-sized cargo ship wedged across the vital waterway, according to canal service provider Leth Agencies.
Crude oil futures for May fell $2.62 or 4.3 percent to settle at $58.56 barrel on the New York Mercantile Exchange. May Brent crude dropped $2.68 or 4.2 percent to settle at $61.73 a barrel on London's Intercontinental Exchange.