Oil Prices Falling With The Increase in Coronavirus Cases

Oil prices fell on Monday, April 12 in thin trading, with the increase in the number of cases of Covid-19 in some regions of the world, which curbed prices, even as the US Central Bank indicated that the US economy may recover quickly with the acceleration of the immunization campaigns against the disease.

Brent crude was up 28 cents, or 0.4%, to $62.67 a barrel, after it had risen to $63.30 a barrel earlier in the session. US West Texas Intermediate crude fell 23 cents, or 0.4%, to record $59.09 a barrel after it had risen 46 cents earlier.

Prices have not seen much change since choppy trading that ended on Monday.

Although the number of people who received the vaccine in the United States exceeded 70 million, and Europe is witnessing a decline in the number of cases with the introduction of general isolation measures, India has recorded record numbers of new daily infections, and other regions of Asia are witnessing a sharp increase in infections.

Analysts and dealers say this is likely to continue to curb any rebound in global travel and keep prices in a limited range as summer approaches.