Oil Extends Losses As Demand Fears Resurface

Following losses of more than 3-percent on Monday, oil prices continued to trade lower early on Tuesday, dragged down by renewed concerns about global oil demand as flight bans and lockdowns in Europe are grounding flights and upending travel plans. While the new U.S. relief package of $900 billion, which Congress passed on Monday, managed to lift equity markets in Europe and the United States on Tuesday, oil prices continued to lose ground as immediate demand fears trumped future prospects of an oil consumption recovery with the advance of vaccinations,…