Oil prices fall on renewed coronavirus concerns as China cases mount

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.