Oil prices slip as Europe Covid lockdowns dim demand recovery hopes
Oil prices resumed their decline on Monday, falling more than 1% on renewed concerns that European lockdowns may slow an anticipated recovery in demand for fuel products.
Brent crude was down 69 cents, or 1.1%, at $63.84 a barrel by 0755 GMT. U.S. oil was off by $1.03, or 1.7%, at $60.39 a barrel. Both contracts fell by more than 6% last week.
“Germany’s lockdown extension and the partial lockdown in France continues to weigh on EU consumption sentiment,” said Jeffrey Halley, senior market analyst at OANDA.
Germany plans to extend a lockdown to contain COVID-19 infections into a fifth month, according to a draft proposal, after new cases exceeded levels authorities say will cause hospitals to be overstretched.
