Oil prices fall for 2nd session as Covid-19 lockdown concerns cast pall over demand prospects

Oil prices slipped for a second straight session on Monday as renewed COVID-19 lockdowns raised fresh concerns about global fuel demand.

Brent crude futures for March fell 15 cents, or 0.3%, to $55.26 a barrel by 0158 GMT, while U.S. West Texas Intermediate crude for March was at $52.19 a barrel, down 8 cents, or 0.2%.

“Signs of weaker demand weighed on the market,” ANZ analysts said, pointing to lockdowns in Hong Kong, China and possibly France as Covid-19 cases rise, restricting business activity and fuel consumption.

China reported a climb in new Covid-19 cases on Monday, casting a pall over demand prospects in the world’s largest energy consumer, the main pillar of strength for global oil consumption.