Oil prices drop as demand fears linger

  • World
  • Wednesday, 23 Dec 2020

NEW YORK, Dec. 22 (Xinhua) -- Oil prices fell on Tuesday as traders grew concerned over weaker demand for fuel after a new strain of COVID-19 detected in Britain prompted fresh mobility restrictions.

The West Texas Intermediate for February delivery lost 95 cents to settle at 47.02 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery decreased 83 cents to close at 50.08 dollars a barrel on the London ICE Futures Exchange.

Traders also looked ahead to U.S. supplies as U.S. Energy Information Administration is set to release the nation's weekly crude stockpiles data on Wednesday.

Analysts cautioned that volatility is likely to continue on the oil market as risks remain high on both the demand and supply sides.

The Organization of the Petroleum Exporting Countries and its allies are scheduled to increase output by 500,000 barrels per day in January.

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