Oil prices dipped again on Monday as rising coronavirus cases upset hopes for a smooth recovery in fuel demand, with crude on track for its first monthly fall in many months after slipping last week.
Brent crude LCOc1 edged down 8 cents, or 0.2%, to $41.84 a barrel by 0003 GMT after dropping 2.9% last week. U.S. West Texas Intermediate CLc1 was at $40.12 a barrel, down 13 cents or 0.3%, following a 2.1% decline last week.
Brent is on track to fall for the first month in six while WTI is headed for its first monthly loss since April as renewed mobility curbs in various countries following more coronavirus cases cloud the outlook on fuel demand recovery.
“New COVID-19 case numbers are accelerating in major U.S. states, renewing fears of mobility restrictions challenging the ongoing oil demand recovery in the last quarter,” ANZ analysts said in a note.
More crude is also being exported from OPEC producers Iran and Libya despite efforts by the Organization of the Petroleum Exporting Countries and their allies to limit output.
See all the news
Kazakhstan’s Share of Bitcoin Mining Increases Sixfold Surging to Third Place Worldwide
Israel Bans Travel In Georgia From July 30
Novartis Prostate Cancer Drug Receives U.S. FDA Breakthrough Designation
Mymarket-ის აპლიკაცია ჩაშვებულია!
The Success of 5 Georgian Wines at Sommeliers Choice Awards 2021
მანინო უწერა - ახალი სასტუმრო რაჭაში
სილამაზის ინდუსტრიის გამოწვევები და #AVON-ის ფინანსური მაჩვენებლები
Investors in Georgia discover that Ease of Doing Business rankings can be deceptive
Baia Kvitsiani to Replace Mariam Kvrivishvili In The Parliament
Who Is Vazil Hudak?
PM Appoints Vazil Hudak As A Special Advisor on Attracting FDI
Exclusive Follow-Up/Interview with Selim Cakir, IMF Representative in Georgia
Czech Development Agency Delegation to Visit Georgia
GNCC demands reversal of a transaction on which they don’t have a jurisdiction - Law Professor
ფარმადეპო: „მედიკამენტები 1 ლარად“ - ქეთი კოზმანაშვილი ქალების ნარატივში
Georgia amends transfer pricing rules for APAs, reduces thresholds
We paid for 100% of shares of Caucasus Online in 2019 - NEQSOL Holding
“Only the courts have the right to determine the legality of the purchase of Caucasus Online", - NEQSOL Holding
Venice Commission: current version of the law does not demonstrate legitimacy and the proportionality test is not met either