Oil prices drop 7% and commodity records worst session since September

A stronger dollar abroad, additional increase in fuel stocks in the United States, and news about Covid-19 drive the drop.

RIO DE JANEIRO, BRAZIL - In its worst trading session since September, crude oil prices traded sharply lower Thursday, March 18th, in the 5th consecutive down session, hitting two-week lows due to a stronger dollar, a further increase in US fuel and commodity stocks and news about Covid-19. On the latter point, the impact comes mainly from suspended vaccination in some European countries.

WTI (West Texas International) futures contracts maturing in April closed down 7.1%, at US$60 a barrel, while Brent crude was down 6.9%, at US$63.28 a barrel.

Both contracts are heading for . . .

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