Covid-19: Oil prices fall on demand concerns

Covid-19: Oil prices fall on demand concerns

COVID-19: FG, oil companies 've abandoned us, Niger Delta group cries outOil prices edged lower on Monday as climbing Coronavirus cases and tighter restrictions in Europe and China fueled worries over a slower recovery in fuel demand.

Encouraging gross domestic product (GDP) and industrial production data from China helped to limit the downside to some extent.

Brent crude for March delivery eased 0.2 per cent to 54.98 dollars a barrel, after falling 2.3 per cent on Friday.

RELATED:  Update: Police parade four suspects who kidnapped and killed 6-year-old boy after collecting N1m ransom in Kaduna

Similarly, U.S. oil futures were down by 0.1 per cent at 52.36 dollars after falling more than 2 per cent in the previous session.

The total number of global Coronavirus cases topped 95 million, while the death toll surpassed 2 million.

China reported more than 100 new COVID-19 cases for the sixth consecutive day, while the number of hospitalised COVID-19 patients with serious symptoms in Japan topped 970, marking a record high since the onset of the pandemic in the country.

RELATED:  Alleged notorious Nigerian drug dealer arrested in South Africa

READ ALSO: Why the right time to invest in crude oil is now

Portugal imposed a new nationwide lockdown, while the British government announced that it will close all travel corridors from Momday in order to restrict the spread of new Coronavirus variant cases.

RELATED:  Flour Mills announces Olusanya as new MD/ CEO

New Coronavirus infections have been decreasing in Germany but the country’s health minister said that more needed to be done to bring it permanently under control.

Chancellor Angela Merkel and Germany’s 16 state premiers will discuss what to do next on Tuesday. (dpa/NAN)

Vanguard News Nigeria

The post Covid-19: Oil prices fall on demand concerns appeared first on Vanguard News.


Receive Updates

No spam guarantee.

I agree to have my personal information transfered to GetResponse ( more information )