COM - Crude prices enter correction territory with Germany facing 'new pandemic'

Crude oil prices continue to slide as concerns persist about a third COVID wave in mainland Europe denting demand.WTI futures (CL1:COM) (USO) -3.5% are back below $60/barrel for the first time since the beginning of March. Brent futures (CO1:COM) -3.5% are also down sharply.WTI is still up more than 20% year to date, but is off 10% from hits recent high of $66, technically a correction.Germany says it is in a "new pandemic," with the British COVID strain dominant, prompting a hard lockdown over the extended Easter period and more restrictions through April 18.“We are now basically in a new pandemic. The British mutation has become dominant,” Chancellor Angela Merkel said at a press conference on Monday night.This morning, Barclays boosted its oil price forecasts by $4/barrel, with WTI averaging $62/barrel and Brent averaging $66/barrel."Oil prices have overshot our above-consensus view this year, primarily to greater-than-expected caution by key suppliers, even as a gradual

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Crude prices enter correction territory with Germany facing 'new pandemic'