Business & Economy

Oil prices are declining .. What is the matter with vaccines?

Oil prices fell on Monday amid concerns about the Chinese economy after a survey showed that factory activity growth fell sharply, amid exacerbating concerns about an increase in oil production from “OPEC +” producers.
Brent crude futures fell 1% to $74.67 a barrel, by 06:53 GMT, after falling to a low of $74.10 earlier in the session.
Meanwhile, West Texas Intermediate crude futures fell by 1% to $73.25 a barrel, after falling earlier in trading to $72.77 a barrel.
“China is leading the economic recovery in Asia, and if the decline increases, fears that the global outlook will witness a significant decline will increase,” said Edward Moya, senior analyst at OANDA.
He added, “The expectations of crude demand are not on solid ground, and this may not improve until there is an improvement in the field of vaccines globally.”

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