Lockdown concerns push Oil prices to slip further

Lockdown concerns push oil prices to slip further

Investors once again remained unsure about oils futures and pulled out of it massively on Monday, which led to it falling by more than 3 per cent. The fresh coronavirus cases and a batten of lockdown across Europe following the second wave and the US elections. 

 

January’s Brent was down by 3.1 per cent, losing $1.16 and stood at $36.78 by 0229 GMT. The WTI edged past to $34.55, sliced by $1.24, which is a loss of 3.5 per cent. 

 

In the early trades, the WTI fell by 6 per cent, while the Brent by 5.8 per cent. It is the lowest they have hit since May. 

 

Aiming at the crackdown of the pandemic, several countries have reimposed lockdown measures in Europe. In the last month and so, the COVID-19 cases have accelerated swiftly. 

 

However, oil pared some deficits after the demand from Japan almost after two years surged. 

 

Although everything said and done, the rising concerns from the OPEC nations over the weakening demand of the commodity and supplies from the US, led to oil prices take a nosedive.  

 

Notably, OPEC+ is slated to hold a meeting for policymaking on November 30 to December 1. 

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