Brent crude falls more than 1% amid rising COVID-19 cases

Oil prices declined on Monday amid demand concerns as strict coronavirus lockdowns continue in Europe and new movement restrictions are imposed in China.

Mainland China saw its biggest daily increase in COVID-19 cases in more than five months, Reuters reported, citing the country’s national health authority. The capital of Hebei, Shijiazhuang, which is seeing growing number of COVID-19 cases, is in lockdown.

Meanwhile, oil price found support by plans for US President-elect Joe Biden to announce trillions of dollars in new coronavirus relief bills this week.

In terms of trading, international benchmark Brent crude was trading down 1.2% at $55.34 per barrel, at 9 am Makkah time.

WTI crude fell 0.8% to $51.81 a barrel.