Tokyo — Oil prices fell on Monday, extending losses that last week ended a rally driven by production cuts and strong Chinese demand, with the market’s recovery outlook being called into question as coronavirus infections rise.
The benchmarks had rallied in recent weeks, buoyed by the start of Covid-19 vaccine rollouts and a surprise cut of crude output by the world’s biggest oil exporter, Saudi Arabia. Surging new infections throughout the world have raised doubts about how long demand would hold up. “Shale producers have indicated they will continue to keep their spending under control,” ANZ Research said in a note. “The economics also don’t favour a surge in drilling, with half of the industry still uneconomical.”
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