(RTTNews) – Oil costs fell on Monday as emerging cases of coronavirus around the world and rising tensions between the United States and China raised considerations about the slowing in economic recovery.
Benchmark Brent crude fell 17 cents, or 0.4%, to $43.61 a barrel, while U.S. West Texas Intermediate Crude (WTI) futures fell thirteen cents, or 0.3 percent, to $41.16 a barrel.
Global cases of coronavirus have surpassed 16 million this weekend with more than 644,000 deaths, speping new clouds over demand outlook.
China reported its highest number of coronavirus cases within 3 months after new clusters reached 3 different regions.
On Friday, the Spanish Ministry of Health reported more than 900 new cases of coronavirus.
Investor sentiment was also affected by deteriorating diplomatic relations between China and the United States following the closure of consulates in Houston and Chengdu.
Meanwhile, Hurricane Hanna crashed Saturday in South Texas, hitting land twice as a Category 1 storm.
It was later demoted to tropical typhoon status, however, Hanna’s heavy rains have already produced reports of flash flooding in South Texas.
Oil and fuel manufacturers and refineries said Friday that they did not expect the typhoon to start operating.