Brent crude oil prices fell by $1 per barrel on Monday, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns in Europe and new curbs on movement in China, the world’s second-largest oil user, where infections jumped.
Brent crude oil futures were down 78 cents, or 1.4%, at $55.21 a barrel by 0758 GMT, after falling $1 to a session low of $54.99 earlier. Brent rose in the previous four sessions.
U.S. West Texas Intermediate (WTI) slipped 52 cents, or 1%, to $51.72 a barrel. WTI rose to its highest in nearly a year on Friday.
“Covid hot spots flaring again in Asia, with 11 million people (in) lockdowns in China’s Hebei province...along with a touch of Fed policy uncertainty, has triggered some profit taking out of the gates,” Stephen Innes, chief global market strategist at Axi, said in a note.
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