Oil falls as coronavirus cases soar
- 07 Dec 2020
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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Aside from restrictions, US energy firms increased oil and natural gas rigs for the 11th time in 12 weeks as producers head for the wellpad. This decision comes despite the reduction of spending this year and next.
Iran is working towards production and sale at full capacity within three months. Economic recovery in China and progress in developing COVID-19 vaccine has limited losses.
