Monday 7 December 2020

Oil falls amid surging virus cases and U.S.-China tensions | Reuters

Oil falls amid surging virus cases and U.S.-China tensions | Reuters

Oil prices fell around 1% on Monday as surging coronavirus cases and heightened tensions between the United States and China undermined the positive impact from an OPEC+ deal on production.

Brent crude fell 46 cents, or 0.9%, to settle at $48.79 a barrel. U.S. crude fell 50 cents, or 1.1%, to settle at $45.76 a barrel.

Prices came under pressure after Reuters exclusively reported that the United States was preparing to impose sanctions on at least a dozen Chinese officials over their alleged role in Beijing’s disqualification of elected opposition legislators in Hong Kong.

Rising tensions between the United States and China, the world’s top oil consumers, have weighed repeatedly on the market in recent years.

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