Oil slides with broader market sell-off

Oil slumped alongside a broader market rout as a resurgent virus in some of the world’s top oil importers highlighted the uneven road to recovery.

West Texas Intermediate fell as much as 3 per cent with US equities on track for their first back-to-back decline since late March.

“Oil is dropping along with the broader risk market decline,” said Bart Melek, head of commodity strategy at TD Securities. At the same time, “variants are wreaking havoc on some economies, and it’s uncertain how the whole demand picture will evolve.”