Oil Falling as Demand Fears Increase Due to High Rate of Corona Cases

Oil prices fell on Monday, as the increase in coronavirus cases in India and other countries raised fears of stronger measures to contain the pandemic that would affect economic activity and demand for basic commodities such as crude.

Brent crude was down 23 cents, or 0.3%, to $ 66.54 a barrel, after rising 6% last week.

U.S. West Texas Intermediate crude fell 27 cents, or 0.2%, to $62.96 a barrel, after rising 6.4% last week.

India recorded a record increase in Coronavirus cases, which amounted to 273,810 today, which raises the total number of infections to just over 15 million, which makes it the second most affected country in the world After the United States, which recorded more than 31 million cases. The number of deaths from Covid-19 in India rose to an unprecedented level of 1619, to nearly 180,000.