By KEY POINTS
Oil prices fell on Monday on renewed concerns about global fuel demand amid strict coronavirus lockdowns in Europe and new movement restrictions in China.
Brent crude oil futures fell 42 cents, or 0.8, to 55.57 a barrel by 0146 GMT after earlier climbing to 56.39, its highest since Feb. 25, 2020. Brent rose in the previous four sessions.
U.S. West Texas Intermediate WTI slipped 22 cents, or 0.4, to 52.02 a barrel. WTI rose to its highest in nearly a year on Friday.
Oil prices fell on Monday on renewed concerns about global fuel demand amid strict coronavirus lockdowns in Europe and new movement restrictions in China, the worlds secondlargest oil user, after a jump in cases there.
Brent crude oil futures fell 42 cents, or 0.8, to 55.57 a barrel by 0146 GMT after earlier climbing to 56.39, its highest since Feb. 25, 2020. Brent rose in the previous four sessions.
U.S. West Texas Intermediate WTI slipped 22 cents, or 0.4, to 52.02 a barrel. WTI rose to its highest in nearly a year on Friday.
Covid hot spots flaring again in Asia, with 11 million people in lockdowns in China Hebei province… along with a touch of FED policy uncertainty has triggered some profit taking out of the gates this morning, Stephen Innes, chief global market strategist at Axi, said in a note on Monday.
Mainland China saw its biggest daily increase in COVID19 cases in more than five months, the countrys national health authority said on Monday, as new infections in Hebei…
