Oil declines amid demand concerns

22/03/2021 Argaam

Drilling rigs

Oil prices declined on Monday as renewed coronavirus restrictions in certain European countries added to oil demand recovery concerns.

 

International benchmark Brent crude was trading down 0.6% at $64.17 per barrel, at 9.05 am Makkah time.

 

West Texas Intermediate (WTI) crude fell 0.3% to $61.21 per barrel.

 

“The reality is that we’re still a long way from a full demand recovery,” Reuters reported, citing Stephen Innes, chief global market strategist at Axi.

 

Meanwhile, Germany is said to be planning to extend a COVID-19 lockdown into a fifth month.

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