U.S. oil prices in correction territory after 6% drop

U.S. oil futures fell more than 6% on Tuesday to settle in correction territory, with front-month prices down nearly 13% from the recent high of $66.09 on March 5, according to Dow Jones Market Data. Renewed lockdowns due to rising COVID-19 cases in Europe and snags in the vaccine rollout continued to feed concerns about energy demand. “It seems that several large economies in Europe might not experience economic lift-off for a few more months, so dealers have been dumping oil as a result,” said David Madden, market analyst at CMC Markets UK. May West Texas Intermediate crude
CLK21,
-6.42%
dropped $3.80, or 6.2%, to end at $57.76 a barrel on the New York Mercantile Exchange.