Oil falls on renewed lockdowns, stronger dollar

Brent crude oil prices fell as much as $1 per barrel on Monday, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns around the world, as well as a stronger U.S. dollar.

Brent was down 57 cents, or 1%, at $55.42 a barrel at 1205 GMT, after falling $1 to a session low of $54.99 earlier.

U.S. West Texas Intermediate (WTI) slipped 26 cents, or 0.5%, to $51.98 a barrel.

“The renewed concerns about demand due to very high numbers of new corona cases and further mobility restrictions, plus the stronger U.S. dollar, are generating selling pressure,” Commerzbank analyst Eugen Weinberg said.

Worldwide coronavirus cases surpassed 90 million, according to a Reuters tally.