Oil prices fell more than 7 percent on Monday, as concerns grew about slowing fuel demand in China after authorities in the country’s financial hub, Shanghai, said they would implement a two-stage shutdown to contain an increase in coronavirus cases.<\/p>\n\n\n\n
Brent crude futures fell $8.17, or 6.8 percent, to $112.48 at the settlement.<\/p>\n\n\n\n
US West Texas Intermediate crude futures fell $7.94 a barrel, or about 7 percent, when they settled at $105.96.<\/p>\n\n\n\n
This week, Brent rose by about 12 percent and West Texas Intermediate by about nine percent.<\/p>\n\n\n\n
The Shanghai city government said on Sunday that all businesses and factories would shut down or have employees work remotely as part of a two-phase shutdown over nine days, after the city set a new record for asymptomatic cases.<\/p>\n\n\n\n
Public transportation, including transportation services, will also be suspended during the closure, further reducing fuel demand.<\/p>\n\n\n\n
The Organization of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ are scheduled to meet on Thursday.<\/p>\n\n\n\n
OPEC + has so far resisted calls from major consuming countries, including the United States, to increase production. OPEC+ has been increasing production by 400,000 barrels per day every month since August to mitigate the impact of cuts made when the Covid pandemic affected demand.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices fell more than 7 percent on Monday, as concerns grew about slowing fuel demand in China after authorities in the country’s financial hub, Shanghai, said they would implement a two-stage shutdown to contain an increase in coronavirus cases. Brent crude futures fell $8.17, or 6.8 percent, to $112.48 at the settlement. US West …<\/p>\n","protected":false},"author":9,"featured_media":61146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[7804,6936,8421,9419],"class_list":["post-62878","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-baker-hughes","tag-oil-prices","tag-oil-supply","tag-us-rig-count"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=62878"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62878\/revisions"}],"predecessor-version":[{"id":62879,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/62878\/revisions\/62879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61146"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=62878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=62878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=62878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}