(RTTNews) – Oil costs fell on Monday as the emerging Covid-19 calls for more global blockades, threatening a global economic recovery.
Reference Brent crude fell 36 cents, or 0. 71%, to $48. 70 a barrel, while West Texas Intermediate oil futures fell forty-five cents, or 0. 99%, to forty-five. 66 dollars. Both benchmarks won by the fifth week directly last week.
California went into another large-scale blockade, as the United States recorded a 24-hour record of coronavirus cases for the third day in a row. Los Angeles County, which was hit hard, has taken another alarming step in the coronavirus outbreak, surpassing 10,000 new cases.
The number of cases nationwide continued to increase in Japan, while a significant increase in the number of cases led the South Korean government to raise the coronavirus alert so far in Seoul.
Rising tensions between the United States and China and reports suggesting iran is increasing its oil exports have also weighed on output.
Iran has told its oil ministry to prepare services for the production and sale of crude oil at full capacity within 3 months, state media reported.