NextGen Day

Prior to industry reports from two significant energy watchdogs as well as an increase in Covid-19 (coronavirus disease 2019) cases in China, oil prices fell on Monday.

At 10.26 a.m. local time (07:26 GMT), the price of international benchmark Brent crude was USD84.64 per barrel, down 0.75 percent from the previous trading session’s closing price of USD85.28 per barrel.

At the same time, the American benchmark West Texas Intermediate (WTI) was trading at USD79.31 per barrel, down 0.99 percent from the previous session’s closing price of USD80.11.

On Tuesday and Wednesday, respectively, the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) will release their monthly oil market reports, which will discuss the key issues affecting the global oil market and offer an outlook for demand and supply in the crude oil market.

The markets are also quite concerned that China’s economic recovery may be hampered by the mounting Covid-19 cases in that nation, which is the world’s largest oil importer.

Prices are falling due to concerns that the country’s low oil demand may delay the economic recovery.

The Beijing government ceased publishing the number of cases once Covid-19 restrictions were loosened last month, but health officials in various Chinese cities claim that the majority of the populace is battling the illness.

Experts warn that if the disease’s global spread continues at this rate, 70% of the nation’s 1.4 billion residents may acquire it throughout the winter, despite claims that the government is concealing the true number of cases.

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