LONDON :Oil prices fell more than 3per cent on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could halt a global recovery in fuel demand.Brent crude futures fell by US$2.43, or 3.5per cent, to US
LONDON :Oil prices fell more than 3per cent on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could halt a global recovery in fuel demand.
U.S. West Texas Intermediate crude futures fell US$2.41, or 3.6per cent, to US$65.87 after plunging by nearly 7per cent last week in their steepest weekly decline in nine months. ANZ analysts pointed to new restrictions in China, the world's second-largest oil consumer, as a major factor clouding the outlook for demand growth.
On Monday China reported 125 new COVID-19 cases, up from 96 a day earlier. In Malaysia and Thailand, infections hit daily records.
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