Oil steady amid renewed COVID-19 restrictions

25/01/2021 Argaam

Oil prices were steady on Monday amid latest reports on COVID-19 lockdowns and movement restrictions.

 

China registered 124 new cases of the virus today, Jan. 25, rising from 80 cases reported on Sunday, Jan. 24. Meanwhile, the total coronavirus infections worldwide since the start of the pandemic neared 100 million cases.

 

Investors also followed the new US administration and its upcoming decisions regarding the fiscal stimulus of about $1.9 trillion, which may contribute to alleviating the economic repercussions of COVID-19.

 

In terms of trading, benchmark Brent crude was at $55.41 dollars a barrel, at 9 am Makkah time.

 

WTI crude was trading at $52.29 a barrel.

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