{"id":277957,"date":"2020-12-08T00:36:23","date_gmt":"2020-12-08T05:36:23","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=277957"},"modified":"2020-12-08T00:36:23","modified_gmt":"2020-12-08T05:36:23","slug":"oil-prices-down-amid-fresh-coronavirus-restrictions","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/12\/08\/oil-prices-down-amid-fresh-coronavirus-restrictions\/","title":{"rendered":"Oil prices down amid fresh coronavirus restrictions"},"content":{"rendered":"<figure id=\"attachment_271861\" aria-describedby=\"caption-attachment-271861\" style=\"width: 415px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/10\/1287999.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-271861\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/10\/1287999.jpg\" alt=\"\" width=\"415\" height=\"260\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/10\/1287999.jpg 415w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/10\/1287999-300x188.jpg 300w\" sizes=\"auto, (max-width: 415px) 100vw, 415px\" \/><\/a><figcaption id=\"caption-attachment-271861\" class=\"wp-caption-text\">International benchmark Brent crude was trading at USD49.09 per barrel at 0641 GMT for a 0.32 percent decline after closing Friday at USD49.25 a barrel. (PNA Photo)<\/figcaption><\/figure>\n<div dir=\"auto\"><strong>ANKARA<\/strong>\u00a0\u2013 Oil prices were down on Monday as vaccine hopes were overshadowed by a worldwide surge in new coronavirus disease 2019 (Covid-19) cases amid fresh lockdowns in the US, Europe and Asia, which raised concerns over the outlook for crude demand.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">International benchmark Brent crude was trading at USD49.09 per barrel at 0641 GMT for a 0.32 percent decline after closing Friday at USD49.25 a barrel.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">American benchmark West Texas Intermediate was at USD46.06 per barrel at the same time for a 0.43-percent decrease after it ended the previous session at USD46.26 a barrel.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Concerns that stiffening coronavirus mitigation measures will reflect negatively on global economies due to increasing cases worldwide is exerting pressure on oil prices.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">California in the US, Germany, Iran and South Korea are among the countries that imposed new lockdowns and restrictions.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">According to data from Johns Hopkins University on Monday, the number of cases worldwide has now reached over 67 million.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The US, the world&#8217;s largest oil-consuming country, still tops the number of cases above 14.7 million, while cases in India now total over 9.6 million, and Brazil follows with over 6.6 million cases.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Although oil prices extended gains toward USD50 a barrel after OPEC+ reached a deal to incrementally ease production cuts, the decision failed to meet market expectations of extending the current deal for three months, weighing on prices.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Moreover, as an indicator of short-term production in the country, the number of US oil rigs increased by 5 to 246 last week compared to the previous week. This signals greater output while raising worries over a supply glut.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">However, with mounting optimism over Covid-19 vaccines and the return of consumption in Asia, hope is boosted for the clearing of the current supply glut to cap further price declines.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ANKARA\u00a0\u2013 Oil prices were down on Monday as vaccine hopes were overshadowed by a worldwide surge in new coronavirus disease &hellip;<\/p>\n","protected":false},"author":44,"featured_media":271861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-277957","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-anadolu","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/277957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=277957"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/277957\/revisions"}],"predecessor-version":[{"id":277958,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/277957\/revisions\/277958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/271861"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=277957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=277957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=277957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}