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Oil prices edged lower on Monday as climbing Coronavirus cases and tighter restrictions in Europe and China fuelled worries over a slower recovery in fuel demand.

Encouraging gross domestic product (GDP) and industrial production data from China helped to limit the downside to some extent.

Brent crude for March delivery eased 0.2 per cent to 54.98 dollars a barrel, after falling 2.3 per cent on Friday.

Similarly, U.S. oil futures were down by 0.1 per cent at 52.36 dollars after falling more than 2 per cent in the previous session.

The total number of global Coronavirus cases topped 95 million, while the death toll surpassed 2 million.

China reported more than 100 new COVID-19 cases for the sixth consecutive day, while the number of hospitalised COVID-19 patients with serious symptoms in Japan topped 970, marking a record high since the onset of the pandemic in the country.

ALSO READ: OPEC forecasts a 6.56% growth in global crude oil demand in 2021 — Report

Portugal imposed a new nationwide lockdown, while the British government announced that it will close all travel corridors from Monday in order to restrict the spread of new Coronavirus variant cases.

New Coronavirus infections have been decreasing in Germany but the country’s health minister said that more needed to be done to bring it permanently under control.

Chancellor Angela Merkel and Germany’s 16 state premiers will discuss what to do next on Tuesday.

(dpa/NAN)

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