Oil prices decline amid rising COVID-19 cases

Oil prices edged lower on Tuesday amid rising coronavirus cases in the US and Europe, and renewed lockdown measures in a number of countries.

International benchmark Brent crude was trading down 0.7% at $48.45 per barrel, at 9 am Makkah time.

WTI crude fell 0.6% to $45.49 a barrel.

A sharp rise in coronavirus cases has led to lockdowns, including strict measures in California, US, as well as Germany and South Korea.

France, too, may 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, Reuters reported, citing government sources.

“For the moment, the market is happy to look past these issues as the vaccine rollout begins; however, the economic headwinds are building in the short term,” ANZ Research said in a note.