Oil prices squeezed after infection surge in China

China has experienced the largest daily increase in Covid-19 infections in more than five months, the country's health authorities inform Monday.

Photo: Jacob Ehrbahn

Crude rates decline Monday morning off concerns about waning demand resulting from strict lockdown measures in Europe and new travel restrictions in China, where a rise in coronavirus infections is noted in the Hebei province, Reuters reports.

One barrel of European reference oil Brent trades Monday morning for USD 55.34 against USD 55.49 Friday afternoon. Late Sunday night, Brent was up to USD 56.39, the highest level since February, before it began to fall to this morning's level.

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