Oil prices continued to fall at Monday due to fears of a new wave of corona infections. This continued the decline in oil prices from the end of last week. Analysts predict that the crisis may be longer than it was initially expected with more and more negative effects accumulating and reaching new heights in autumn. It will put additional pressure on oil demand.
The price of a barrel of US oil fell 4.8 percent to $ 34.51 in the meantime, and Brent oil fell 3.4 percent to $ 37.37 a barrel.
Fears of a second wave of COVID-19 have been fuelled by new infection outbreak in the Chinese capital Beijing and several US states. At the beginning of last week, oil prices topped the three-month highs due to optimism about the economic recovery from the corona crisis and production restrictions by oil cartel OPEC and allies such as Russia.