SINGAPORE: Oil prices slipped for a second straight session on Monday as renewed Covid-19 lockdowns raised fresh concerns about global fuel demand.
Brent crude futures for March fell 15 cents, or 0.3 per cent, to $55.26 a barrel by 0158 GMT, while US West Texas Intermediate crude for March was at $52.19 a barrel, down 8 cents, or 0.2 per cent.
“Signs of weaker demand weighed on the market,” ANZ analysts said, pointing to lockdowns in Hong Kong, China and possibly France as Covid-19 cases rise, restricting business activity and fuel consumption. Read more…..
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CNBC’s Kelly Evans discusses energy sector stocks and where to invest as crude oil rallies this week with Dan Pickering of Pickering Energy Partners.