Oil prices fall more than 1% amid demand concerns

Oil prices declined by more than 1% on Monday amid demand concerns, and ahead of a meeting of the OPEC+ group later this week.

International benchmark Brent crude was trading down 1.12% at $65.37 per barrel, at 10.06 am Makkah time.

WTI crude fell 1.13% to $61.44 per barrel.

Meanwhile, the United States and China appear to be recovering strongly from the economic repercussions of the pandemic, however, the number of COVID-19 cases continue to rise in India.

The chief executive officer of Schlumberger said the global oil demand is expected to return to the pre-pandemic levels by the end of next year.