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Oil Prices Down on Demand Concern

Oil prices declined on Monday, retreating from a nine-month, as surging COVID-19 cases globally brought renewed lockdowns and mobility restrictions.

In the US, California urged bars, hair and nail salons to close again. In Germany, Bavaria on Sunday said it would launch a stricter lockdown starting from Wednesday until January, 5th.

In Asia, South Korean authorities tightened social distancing rules for the capital Seoul and surrounding areas until at least the end of December.

Iran, meantime, reportedly is preparing installations for output and sale of crude oil at full capacity within three months, according to state media.

Limiting the decline was the development of the COVID-19 vaccine as well as rapid demand recovery in China, with exports growing at the fastest pace since early February.

At around 06:45 AM GMT, WTI crude fell 0.4% to $46.08 a barrel, while Brent crude was down 0.3% to $49.11 a barrel.

About Babajide Iletogun

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