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…..
Chart of the Day
USOIL Chart by TradingView
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.