Oil prices reverse early gains on virus concerns | Reuters

Oil prices reverse early gains on virus concerns | Reuters

Oil prices fell on Thursday wiping out early gains as more countries imposed movement restrictions amid a surge in coronavirus cases and as the U.S. dollar firmed, though tension in the Middle East kept prices from falling further.

Japan was set on Thursday to expand emergency restrictions to more prefectures, while China, the world's second-largest oil consumer, imposed restrictions in some cities and cancelled flights, threatening fuel demand. read more

Brent crude oil futures dropped by 39 cents, or 0.6%, to $69.99 a barrel by 0649 GMT, after earlier climbing to a session high of $70.72.

U.S. West Texas Intermediate (WTI) crude futures fell 31 cents, or 0.5%, to $67.84 a barrel. Both benchmarks fell by more than $2 a barrel on Wednesday.

"China is now facing its most challenging COVID-19 crisis since the initial outbreak was brought under control," analysts from FGE said in a note on Thursday.