Oil prices decline amid rise in COVID-19 cases

Oil prices declined on Monday, extending losses from last week, as support diminished from positive data on production levels by OPEC+ and strong Chinese demand.

Investors also focused on the inauguration of Joe Biden as President of the United States on Jan. 20, as well as the US measures towards the economy amid coronavirus pandemic.

In China, where new COVID-19 infections have been rising, more than 28 million people are in lockdown as Beijing tries to avoid a resurgence of the coronavirus in the country.

In terms of trading, international benchmark Brent crude was down 0.7% at $54.73 per barrel, at 9 am Makkah time.

WTI crude fell 0.6% to $52.07 a barrel.