Oil prices pared earlier gains and fell on Monday, dragged down by a firmer US dollar and record high coronavirus cases in major Chinese cities that dashed hopes of the reopening of the economy of the world’s biggest crude importer.
Contracts for Brent crude and US West Texas Intermediate had edged up nearly 1 per cent earlier in the session but later reversed their trajectory and headed lower.
Brent crude futures were down 32 cents, or 0.3 per cent, to $95.67 a barrel by 0725 GMT after settling up 1.1 per cent on Friday while WTI crude futures fell 39 cents, or 0.4 per cent, to $88.57 a barrel after closing Friday’s session 2.9 per cent higher.
