Oil sinks as coronavirus resurgence dashes hopes for full recovery of global demand ...News

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Oil sinks as coronavirus resurgence dashes hopes for full recovery of global demand
Global crude prices are down over 1% on Monday, declining for a third consecutive day, as fresh Covid-19 outbreaks diminish prospects for global demand. Brent crude was down 1.35% to $69.64 per barrel as of 6:57 GMT, while US crude benchmark WTI fell by 1.48% to $67.43 per barrel after a 0.9% loss on Friday. In China, the world’s second-biggest oil consumer, factory output and retail sales growth slowed last month, as fresh outbreaks of the coronavirus infection along with flooding disrupted business activity. Meanwhile, Covid-19 cases in such Asian nations as Thailand, Vietnam and the Philippines are at or near records.

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