Oil prices fell on Monday, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns in Europe and new curbs on movement in China, the world's second-largest oil user, where infections jumped.
Brent crude oil futures were down 65 cents, or 1.2%, at $55.34 a barrel by 0439 GMT, after having climbed to $56.39, their highest since Feb. 25, 2020. Brent rose in the previous four sessions, as reported by Reuters.
Read alsoFund created in Germany to support Nord Stream 2 completionU.S. West Texas Intermediate (WTI) slipped 44 cents, or 0.8%, to $51.80 a barrel. WTI rose to its highest in nearly a year on Friday.
Mainland China saw its biggest daily increase in virus infections in more than five months, authorities said on Monday, as new infections rose in Hebei, which surrounds the capital, Beijing.
Crude prices were supported by Saudi Arabia's pledge last week for a voluntary oil output cut of 1 million barrels per day (bpd) in February and March as part of a deal for most OPEC+ producers to hold production steady during new lockdowns.