Oil fell on fresh COVID-19 lockdown and OPEC+ concerns

International benchmarks for crude oil dip lower on Wednesday, 31 March 2021 on the back of fresh COVID-19 lockdown in Europe while members of the OPEC+ expressed a pessimistic demand outlook ahead of the monthly meeting to decide on the production cuts.

Brent crude for May settled at $63.54/barrel, down 60 cents, or 0.94%.

WTI closed at $59.16/barrel, down $1.39, or 2.35%.