Oil Prices Under Pressure From Both Supply and Demand Factors-US News | The Epoch Times

LONDON—Oil prices rose on Monday but remained under pressure from rising COVID-19 cases in Europe, raising concerns about both oversupply and weak demand. Prices of the Brent and U.S. West Texas Intermediate (WTI) crude benchmarks fell more than $1 in early trading, hitting their lowest since Oct. 1. By 1007 GMT, Brent was up 31 cents, or 0.4 percent, at $79.20 a barrel while U.S. crude had gained 34 cents, or 0.5 percent, to $76.28. The prospect of national lockdowns in Europe has raised concerns about economic and oil demand growth, said Tamas Varga, oil analyst at London brokerage PVM Oil Associates. Investors sought safe havens such as the dollar early in the session, contributing to the sharp decline in oil prices, Varga added. Tens of thousands of people protested in Vienna on Saturday after the Austrian government announced a new lockdown. Germany could also impose fresh curbs, with politicians …

Reuters

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