Oil Finishes Lower Amid COVID-19 Fears

Oil prices closed lower on Monday, beginning the week with a negative performance, amid concerns about the rising number of Coronavirus cases in many countries.

Lockdowns and the fear of more preventive measures are prompting concerns about the recovery of the demand for energy worldwide.

Brent crude futures for February delivery declined by 46 cents, or 0.9%, to close at $48.79 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery fell by 50 cents, or 1.1%, to finish at $45.76 per barrel.

The decline comes following three consecutive rises, on the back of a smaller than expected increase in output by the OPEC+ alliance.