Oil falls as coronavirus cases soar

Gulf Today Report

Oil prices declined on Monday due to increase in coronavirus cases leading to lockdown imposed in different parts of the world, including Southern California, the world’s top oil consumer.

Brent crude oil futures were down 21 cents, or 0.4%, at $49.04 a barrel by 07:47 GMT, while West Texas Intermediate oil futures fell 25 cents, or 0.5%, to $46.01 a barrel. Both benchmarks gained for a fifth consecutive week last week. 

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