Oil Closes Sharply Lower amid Expected Rise in Market Supplies

Oil prices declined on Monday, amid expectations for an increase in market supplies, following the decision by the OPEC+ alliance to gradually ease output curbs starting next month.

In addition, despite positive signs for a strong economic recovery as recent data suggests, investors are showing concerns regarding the third wave of the Coronavirus pandemic, with a rising number of new cases in many countries around the globe.

Brent crude futures for May delivery lost $2.61, or 4.02%, to reach $62.25 per barrel.

Meanwhile, the U.S. West Texas Intermediate (WTI) crude futures for May delivery finished lower by $2.80, or 4.6%, at $58.65 per barrel.