Oil prices fall as surging virus cases force more lockdowns
- Date: 07-Dec-2020
- Source: Arab News
- Sector:Oil & Gas
- Country:saudi-arabia-top-picks
Oil prices fall as surging virus cases force more lockdowns
Oil prices fell on Monday as a continued surge in coronavirus globally forced a series of renewed lockdowns, including strict new measures in Southern California.
Brent crude oil futures were down 16 cents, or 0.3%, at $49.09 a barrel by 0117 GMT, while West Texas Intermediate oil futures fell 19 cents, or 0.4%, to $46.07 a barrel. Both benchmarks gained for a fifth consecutive week last week.
"Crude pared earlier vaccine roll-out gains after Los Angeles county had another record high in coronavirus cases and South Korea raised their alert level,“ said Edward Moya, senior market analyst at OANDA.
"COVID restrictive measures and lockdowns across the globe seem poised to keep crude prices heavy in the short-term.“
The restrictions in California call for bars, hair and