Oil Prices Decline on Coronavirus Concerns

Oil prices declined on Monday, on the back of renewed concerns about a new variant of the novel Coronavirus that caused a global pandemic.

New lockdown measures could sharply impact the demand for oil, which is driving investors’ worries across the markets.

Brent crude futures for February delivery closed lower by $1.35, or 2.6%, at $50.91 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for February delivery fell by $1.27, or 2.6%, to finish at $47.97 per barrel.