Oil prices continued their drop from last week, falling by 2.38% on August 9, pushed by a strong US dollar and newly imposed restrictions to contain the rise of Covid-19 cases in Asia.
International benchmark Brent crude traded at $69.02 at 0649 GMT on Monday, posting more than a 2.38% fall from Friday when trade closed at $70.70 per barrel.
American benchmark West Texas Intermediate (WTI) traded at $66.58 at the same time on Monday, decreasing by 2.49% relative to $68.28 a barrel on Friday.
Fear that curbs in Asia, especially in China, may set back the global recovery in fuel demand pushed prices lower.
As Covid-19 cases rise in Asia, China introduced curbs, including flight cancellations, warnings by 46 cities against travel, and limits on public transport and taxi services in 144 of the worst-hit areas.
The US dollar climbed to a four-month high against the euro after Friday’s stronger-than-expected US jobs numbers.
Source: Anadolu Agency