Oil prices drop on soaring COVID-19 cases

Gulf Today Report 

Oil prices fell on Monday as some countries record rising coronavirus cases inducing worries that stronger measures to contain the pandemic will hit economic activity.

Brent crude was down 23 cents, or 0.3%, at $66.54 a barrel by 04:26 GMT while US oil was down 27 cents, or 0.2%, at $62.96 a barrel.

In a report on Monday, ANZ Research said, "the progress of vaccination drives in the developed markets can be seen in road traffic levels, but resurging case numbers have reversed the recovery in the emerging countries."

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India has recorded a tremendous rise in coronavirus infections recently. Hong Kong plans on banning flights from India, Pakistan and the Philippines. Meanwhile, Japan is forecasting another round of coronavirus infections.

In the United States, energy companies added oil and natural gas rigs for a fifth consecutive week for the first time since February as higher oil prices this year encouraged drillers to return to the wellpad.