Crude oil futures settled 6% lower March 23 as the market reeled from pandemic-dented demand outlooks and a stronger US dollar. NYMEX May WTI was down $3.79 at $57.76/b, settling below the $60/b level for the first time since March 2, while May ICE Brent slid $3.83 to settle at $60.79/b. “Rising [COVID-19] cases in Europe and tighter lockdown restrictions are reawakening future demand concerns,” OANDA market analyst Sophie Griffiths said in a note. “Add into the picture the UK government’s insistence that holidays abroad are still firmly off bounds and a jet-sized hole in demand remains stubbornly in place.” NYMEX April RBOB settled 6.34 cents lower at $1.8964/gal and April ULSD declined 8.04 cents […]