Oil prices fell in the European market on Monday, to continue their losses for the second day in a row, as US crude moved away from the highest level in a month, with the continuation of correction and profit-taking. This decline comes under pressure from renewed concerns about global demand levels, especially Asian demand in China and Japan.
US crude fell by 1.3% to the level of $ 68.28, from the opening level at $ 69.20, and recorded the highest level at $ 69.22, and Brent crude fell by 1.25% to the level of $ 71.54 a barrel, from the opening level at $ 73.46, and recorded the highest level at 73.58 $.
When settling on Friday, US crude lost 0.8%, due to corrections and profits, after it recorded the previous day, the highest level in a month at $70.59 a barrel, and Brent crude fell by 0.5%.
On the level of trading last week, international oil prices achieved an average increase of 0.75%, the second consecutive weekly gain, supported by the decline of the US dollar against a basket of global currencies, and in light of a significant decrease in US stocks.
Other than corrections, oil prices are currently declining, due to renewed concerns about global demand for fuel, especially Asian demand in China and Japan.
China and Japan are still suffering from the latest outbreak of the Corona virus, which forced the authorities to tighten restrictions on closures and sanitary isolation, which led to weak industrial and commercial activities.
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