Oil Gives up Early Gains on Corona Fears

Oil prices fell on Thursday, giving up early gains, as more countries imposed restrictions on movement in light of the increase in cases of the Coronavirus and the rise in the dollar, although tension in the Middle East prevented further decline.

On Thursday, Japan expanded emergency restrictions to include more prefectures, while China, the world’s second-largest oil consumer, imposed restrictions in some cities and canceled flights, threatening fuel demand.

Brent crude futures fell 39 cents, or 0.6%, to $ 69.99 a barre, after rising earlier to $ 70.72, the highest level during the session.

US West Texas Intermediate crude futures fell 31 cents, or 0.5%, to $67.84 a barrel. Both benchmarks fell more than $2 a barrel on Wednesday.