Oil prices are under pressure as a result of the pandemic incidents, particularly those in Shanghai, China, which are once more making headlines.
The number of cases has increased once more since many nations around the world relaxed their epidemic control measures, and the oil market is once more affected by epidemic worries.
On the first trading day of the week, US crude oil dropped below 104 dollars, and Brent oil also dropped under $107.
On Sunday, Shanghai, China’s financial hub, recorded 69 new cases. Consequently, the greatest daily case count since May was followed by, There were 57 cases discovered the day before. Growing numbers of cases in China have raised hopes that epidemic control measures may be reintroduced.
The arrival of US Vice President Joe Biden to Saudi Arabia and the escalating developments in the oil markets will both be eagerly watched.
