Oil Prices Drop due to Renewed Corona fears

oil prices

Oil prices retreated on Monday, ending a rally that began at the end of last October due to production cuts and strong Chinese demand.

By 06:22 GMT, Brent crude was down 0.5 percent to $ 54.79 a barrel, after falling 2.3 percent on Friday. US crude fell 0.4 percent to $ 52.15 a barrel, after falling 2.3 percent in the previous session.

The benchmark rose in recent weeks, supported by the start of vaccination against Covid-19 and a sudden reduction in crude production from Saudi Arabia, the largest exporter of it in the world. But the rise in new infections around the world raises doubts about the strength of demand.