Oil prices fall amid rising COVID-19 cases

Oil prices edged lower on Monday as a rise in coronavirus cases across the world led to renewed lockdowns in a number of countries.

The United States decided to impose stricter restrictions in Southern California, while Germany’s region of Bavaria announced on Sunday, Dec. 6, it would impose a tougher lockdown until Jan. 5. South Korean authorities also heightened social distancing rules for Seoul and surrounding areas.

Meanwhile, oil prices recorded gains for a fifth consecutive week last week supported by OPEC+ approval to gradually increase crude production by about 500,000 barrels per day starting January.

In terms of trading, Brent crude was down 0.4% at $49.07 per barrel, at 9 am Makkah time.

WTI crude fell 0.4% to $46.08 a barrel.