Oil Falling From Its Highest Level in Months Due to Covid-19 Measures

Oil prices fell on Monday, December 7, from their highest levels in months, with the continuing increase in infections with the Coronavirus globally and renewed closure measures, the latest of which included the imposition of strict restrictions in southern California in the United States, the largest consumer of crude in the world.

Brent crude futures fell 21 cents, the equivalent of 0.4%, to 49.04 a barrel by 07:47 GMT, while West Texas Intermediate crude futures fell 25 cents, or 0.5%, to $ 46.01 a barrel. The two benchmarks ended last week with gains for the fifth consecutive week.