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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