Fri. Feb 26th, 2021

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Oil prices slip due to covid-19 cases

1 min read

Crude oil

Oil prices fell on Tuesday, adding to losses from the previous session that came as California tightened its pandemic lockdown through Christmas and coronavirus cases continued to surge in the United States and Europe.

U.S. West Texas Intermediate (WTI) crude futures fell 18 cents or 0.4%, to $45.58 a barrel at 0153 GMT, while Brent crude futures fell 24 cents, or 0.5%, to $48.55 a barrel. Both benchmark contracts lost around 1% on Monday.

Globally, a sharp rise in coronavirus cases has led to a string of renewed lockdowns, including strict measures in the U.S. state of California as well as Germany and South Korea.

California on Monday required most of the state to close shop and stay at home under a new order which will last at least three weeks.

Government sources in France said the country may have to delay unwinding some lockdown restrictions next week after signs the downward trend in new cases had flattened out after shops were allowed to reopen late last month.

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