Oil prices stumble as coronavirus resurgence forces more lockdowns
Oil prices fell on Monday as a continued surge in coronavirus cases globally forced a series of renewed lockdowns, including strict new measures in Southern California in the United States, the world’s top oil consumer.
Brent crude oil futures were down 20 cents, or 0.4%, at $49.05 a barrel by 0401 GMT, while West Texas Intermediate oil futures fell 20 cents, or 0.4%, to $46.06 a barrel. Both benchmarks gained for a fifth consecutive week last week.
“Crude pared earlier vaccine roll-out gains after Los Angeles county had another record high in coronavirus cases and South Korea raised their alert level,” said Edward Moya, senior market analyst at OANDA.
