icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Oil sinks as coronavirus resurgence dashes hopes for full recovery of global demand

Oil sinks as coronavirus resurgence dashes hopes for full recovery of global demand
Global crude prices are down over 1% on Monday, declining for a third consecutive day, as fresh Covid-19 outbreaks diminish prospects for global demand.

Brent crude was down 1.35% to $69.64 per barrel as of 6:57 GMT, while US crude benchmark WTI fell by 1.48% to $67.43 per barrel after a 0.9% loss on Friday.

In China, the world’s second-biggest oil consumer, factory output and retail sales growth slowed last month, as fresh outbreaks of the coronavirus infection along with flooding disrupted business activity. Meanwhile, Covid-19 cases in such Asian nations as Thailand, Vietnam and the Philippines are at or near records.

Also on rt.com IEA downgrades global oil demand amid resurgence of Covid-19

The economy of Japan, the world’s fourth-biggest importer of crude oil, is expected to grow moderately in the third quarter of the current year, as household spending is reportedly dragged down by renewed Covid-related restrictions.

Meanwhile, drilling data from the US reflects increased activity, with the total number of rigs reportedly increased by 10 last week to 397, marking the biggest weekly jump since April.

At the same time, the coalition of the Organization of the Petroleum Exporting Countries and allied oil producers have proceeded with plans to increase oil output, rolling back the curbs it introduced at the outset of the Covid-19 pandemic.

For more stories on economy & finance visit RT's business section

Dear readers and commenters,

We have implemented a new engine for our comment section. We hope the transition goes smoothly for all of you. Unfortunately, the comments made before the change have been lost due to a technical problem. We are working on restoring them, and hoping to see you fill up the comment section with new ones. You should still be able to log in to comment using your social-media profiles, but if you signed up under an RT profile before, you are invited to create a new profile with the new commenting system.

Sorry for the inconvenience, and looking forward to your future comments,

RT Team.

Podcasts