Oil price slump continues with 6% slide as Covid fears and rising dollar spur sell-off

'Crude prices are declining for a fifth consecutive day as concerns grow that Europe won’t have a regular summer', says analyst

A slowdown in vaccination programmes in Europe and the prospect of more restrictions to control the coronavirus have tempered expectations for a recovery in fuel use.

Oil prices sunk for a fifth day in a row to their lowest in two weeks on growing worries about rising Covid cases in Europe and the strengthening US dollar that hurts the value of oil.

Brent crude prices fell $3.74, or 5.5%, to $64.26 a barrel, while US West Texas Intermediate (WTI) crude fell $3.80, or 5.9%, to $60.80.