LONDON :Oil prices fell by 4per cent on Monday, extending last week's steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.
Brent crude futures fell by US$2.82, or 4.2per cent, to US$67.88 a barrel by 0930 GMT after a 6per cent slump last week for their biggest weekly loss in four months. "Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate," RBC analyst Gordon Ramsay said in a note.
The restrictions include flight cancellations, warnings by 46 cities against travel and limits on public transport and taxi services in 144 of the worst hit areas.
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