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Covid-19 and Chinese demand factors push oil prices down

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Worldwide Covid-19 cases crossed the 40-million mark on Monday, according to a Reuters tally

London — Oil prices fell on Monday as concern about surging coronavirus cases globally dampened the prospects for demand recovery while China’s third-quarter economic growth was weaker than expected.

Meanwhile, China’s oil-buying frenzy earlier this year is expected to slow in the fourth quarter. Chinese refiners have slowed their processing rates in September. Investors are also focusing on the Opec+ oil producer group’s joint ministerial monitoring committee meeting later on Monday.

 

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