Crude oil prices drop lower on demand concerns
Crude oil prices dropped lower rising Coronavirus cases and tighter restrictions in Europe and China fuelled worries over a slower recovery in fuel demand.
However, while much of the world struggles with the resurgent coronavirus and the economic pain that comes with it, China has recorded a positive growth rate for 2020, likely making it the only large economy to do so.
But with many of its export markets now facing renewed restrictions as to their COVID-19 cases rise, some analysts have predicted China may not be able to sustain the rapid rebound it posted late last year.
Brent crude for March delivery eased 0.2 per cent to 54.98 dollars a barrel, after falling 2.3 per cent on Friday.
Similarly, the U.S. oil futures were down by 0.1 per cent at 52.36 dollars after falling more than 2 per cent in the previous session.
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