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 world’s second-largest 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.
