Oil drops on renewed coronavirus worries as China cases rise

11.01.2021 - Evdokimov Roman
Oil drops on renewed coronavirus worries as China cases rise

Oil prices dropped on Monday on rising worries about global fuel demand amid strict lockdowns in Europe and China.

Brent crude oil futures was down 0.8%, or 42 cents, at $55.67 per barrel after rising to $56.39 earlier, its highest level since the end-February 2020. Brent gained in the last four sessions.

U.S. West Texas Intermediate fell 0.4%, or 22 cents, at $52.02 per barrel. WTI hit its highest level in almost a year on Friday.

Most of Europe is under tight lockdowns, while Mainland China posted its highest daily COVID-19 cases in over five months as new infections in Hebei province, which surrounds Beijing, continued to climb.

Still, oil price losses were capped by hopes for U.S. President-elect Joe Biden to announce trillions of dollars in new coronavirus aid this week.

Crude prices remained boosted by Saudi’s pledge last week for a voluntary production cut of 1 million bpd in February and March, as part of OPEC’s deal to maintain output cuts amid new lockdowns. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?