Oil prices eased on Monday on concerns over rising tensions between the United States and China over Beijing’s plans to impose security laws on Hong Kong and the possibility of sanctions from Washington.
Oil prices have risen sharply in recent weeks as an easing of coronavirus restrictions has led to increased demand, but the tensions between the United States and China are beginning to weigh on sentiment.
Brent was down 19 cents, or 0.5 per cent, at $34.94 a barrel by 0152 GMT. US oil was down by 6 cents, or 0.2 per cent, at $33.19 a barrel. Both contracts have risen for the past four weeks, although prices are still down around 45 per cent so far this year.
