Oil prices decline; WTI crude below $59

12/04/2021 Argaam

Oil rigs

Oil prices edged lower on Monday amid demand concerns as number of coronavirus cases rise in some countries.

 

International benchmark Brent crude was trading down 0.5% at $62.62 per barrel, at 9.05 am Makkah time.

 

West Texas Intermediate (WTI) crude fell 0.7% to $58.93 per barrel.

 

While the United States has fully vaccinated more than 70 million people, and in Europe new infection numbers are falling as lockdowns take effect, India is reporting record new cases and other parts of Asia are seeing caseloads rise, Reuters reported.

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