Reuters
Oil prices fell for the second consecutive session, on Monday, as renewed lockdown measures to combat Covid-19 raised new concerns about global fuel demand.
By 07:17 GMT, Brent crude futures were down 0.1 percent to $ 55.38 a barrel, while US West Texas Intermediate crude was down at $ 52.26 a barrel, down by a cent.
Analysts said the Australian bank “ANZ”: “Signs of weaker demand and pressure on the market,” referring to the general isolation measures in Hong Kong, China, and perhaps France, in light of the high number of cases of Covid-19, which restricts companies’ activities and fuel consumption.
Last Friday, prices came under more pressure after data from the US Energy Information Administration showed that US crude inventories rose unexpectedly by 4.4 million barrels per day in the week ending January 15, compared to previous expectations of a decrease of 1.2 million barrels.
Source: Reuters
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