EnergyWatch

Second-wave coronavirus still keeping oil market low

Oil prices continue their decline on Monday. Coronavirus-related restrictions generate concern on the market.

Norwegian field Johan Sverdrup. Photo: INTS KALNINS/REUTERS / X02120

Oil prices drop roughly 3 percent Monday morning CET, thereby continuing last week's declining trend.

The price decreases are due to the pronounced upswing in Covid-19 infections in both Europe and the US, prompting concern over oil demand and the outlook that increased supply will impact the market, writes Reuters.

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