Oil prices fall on rising Covid cases in Asia, Eurupe ahead of Opec+ talks
NEW YORK (Reuters) – Oil prices fell on Monday after hitting their highest since 2018 earlier in the session, as a spike in COVID-19 cases in Asia and Europe put a brake on the rally before this week’s OPEC+ meeting.
Brent futures fell 73 cents, or 1.0%, to $75.45 a barrel by 10:47 a.m. EDT (1447 GMT), while U.S. West Texas Intermediate (WTI) crude fell 64 cents, or 0.9%, to $73.41.
In volatile trade so far on Monday, both benchmarks fell over $1 a barrel and rose to their highest since October 2018. On Friday, both closed at their highest since October 2018 as fuel demand rebounded on strong economic growth and increased travel during the Northern Hemisphere summer.
