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Oil drops with rising virus cases and US-China tensions

by Bunkerist
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Despite the positive effects of the OPEC + agreement on oil production cuts, and the news Covid-19 vaccine, oil prices fell on Monday amid rising coronavirus cases and rising tensions between the US and China.

Brent crude fell 36 cents, or 0.7%, to $48.89 a barrel by 1112 GMT. WTI crude was down 39 cents, or 0.8%, at $45.87.

The United States reportedly is preparing to sanction at least a dozen Chinese officials for their alleged role in Beijing’s disqualification of elected opposition lawmakers in Hong Kong.

Both oil contracts rose last week, as the Organization of Petroleum Exporting Countries (OPEC) and its allies agreed to slightly increase production by January. They agreed to slightly increase production for January, but most current supply restrictions remain.

Globally, the increase in coronavirus cases has forced a series of renewed restrictions in the US state of California, Germany and South Korea, including stringent new measures.

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