California, Usa
Oil prices slipped on Monday from a multi-month high as a continued surge in Coronavirus cases globally, forced a series of renewed lockdowns. Lockdown is being observer in may countries including Southern California in the United States, the world’s top oil consumer.
Brent crude oil futures were down 21 cents, or 0.4 per cent, at $49.04 a barrel, while West Texas Intermediate oil futures fell 25 cents, or 0.5pc, to $46.01 a barrel. Both benchmarks gained for a fifth consecutive week last week. “Crude pared earlier vaccine roll-out gains after Los Angeles county had another record high in coronavirus cases and South Korea raised their alert level,” said Edward Moya, senior market analyst at OANDA. “Covid-19 restrictive measures and lockdowns across the globe seem poised to keep crude prices heavy in the short term.”The restrictions in California call for bars, hair and nail salons and tattoo shops to close again.
The southern German region of Bavaria announced on Sunday it would impose a tougher lockdown from Wednesday until January 5, while South Korean authorities heightened social distancing rules for the capital Seoul and surrounding areas that would last until at least the end of the month. –AFP
