Oil Falls due to COVID-19 Restrictions in China And The Dollar rises

Oil prices fell more than 2% on Monday, extending their heavy losses incurred last week on the back of the rise in the US dollar and fears that the global recovery in fuel demand may be set back due to new restrictions to confront the pandemic in Asia, especially in China.

Brent crude futures fell $1.52, or 2.2%, to $69.17 a barrel in Asian trading, after falling 6% last week in their biggest loss in four months.

US West Texas Intermediate crude futures fell $1.64, or 2.4%, to $66.64 a barrel, after dropping nearly 7% last week in the biggest decline in nine months.