Crude oil futures added to losses on Monday morning, after last week saw their biggest weekly loss since October as concerns about renewed locks and slow vaccine spread in parts of the Europe leads to dog energy markets.
“There is still some pessimism in the market as Europe, instead of finally opening openly, sees pockets of larger Covid-19 cases, forcing many European countries to reset locks or expand, ”Louise Dickson, oil market analyst at Rystad Energy, wrote in a research note on Monday.
West Texas Intermediate raw for delivery in April CLJ21,
CL.1,
rose $ 1.42, or 2.4%, to trade at $ 61.26 a barrel on the New York Mercantile Exchange.
The April contract expires at the end of Monday’s session. May WTI CLK21,
the contract was actively trading, trading 19 cents, or 0.3%, lower at $ 61.27 per barrel.
Meanwhile, May Brent BRN00 crude,
BRNK21,
the global benchmark, margin 12 cents, or 0.2%, lower at $ 64.41 a barrel on ICE Futures Europe.
Last week, WTI crude lost 6.4%, and Brent declined 6.8%, the biggest loss since October for both criteria, after a big loss on Thursday, when WTI fell 7.1%, and Brent fell 6.9 % to lose maximum one-day percentage. from June.