Oil prices fall as surging virus cases force more lockdowns

Oil prices fall as surging virus cases force more lockdowns
  • Clock-gray 07:39
  • calendar-gray 07 December 2020

Oil prices fell on Monday as a continued surge in coronavirus globally forced a series of renewed lockdowns, including strict new measures in Southern California, APA reports quoting Reuters.

Brent crude oil futures were down 16 cents, or 0.3%, at $49.09 a barrel by 0117 GMT, while West Texas Intermediate oil futures fell 19 cents, or 0.4%, to $46.07 a barrel. Both benchmarks gained for a fifth consecutive week last week.

“Crude pared earlier vaccine roll-out gains after Los Angeles county had another record high in coronavirus cases and South Korea raised their alert level,” said Edward Moya, senior market analyst at OANDA.

apa-logo-mini

Other news