Oil falls 5% as economic outlook dims with rising coronavirus cases

Oil prices plunged about 5 per cent on Monday, weakening as rising coronavirus cases stoked worries about global demand, and a potential return of Libyan production bolstered oversupply fears.

Crude oil followed other equities and commodities markets in turning risk-averse on Monday as rising Covid-19 infection rates in Europe and other countries prompted renewed lockdown measures, casting doubt over economic recovery. "We're seeing more depressing news on jet fuel demand," said Gary Cunningham, director of market.....

This article is no longer available in our repository.

There could be multiple reasons for this.