REUTERS

Oil prices fell on Tuesday, extending declines for a third day, as concerns about rising stockpiles in the United States added to the threat to demand posed by countries including Germany and France halting COVID-19 vaccinations.

Brent crude was down 58 cents, or 0.8%, at $68.30 by 0041 GMT, having dropped 0.5% on Monday. U.S. crude was down 61 cents, or 0.9%, at $64.78 a barrel, after declining 0.3% in the previous session, as reported by Reuters.

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These moves are deepening concerns over a slow pace of vaccinations in the region, which may delay any economic recovery from the pandemic in one of the hardest-hit areas.

The pandemic eviscerated demand for oil but prices have recovered to levels before the global health crisis, only to be capped as vaccination rollouts have been slow in most countries.

In the United States, stockpiles are also rising because of last month's "big freeze" which halted refining operations that have taken time to fully return.

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