Baghdad Oil prices fell, today, Monday, with concerns about fuel demand from the spread of COVID-19 variables and floods in China, which offset expectations of tight supplies during the rest of the year.
Brent crude futures for September fell 53 cents, or 0.72 percent, to $72.91 a barrel, while US Texas Intermediate crude recorded $71.53 a barrel, down 54 cents.
Coronavirus cases continued to rise over the weekend, with some countries recording record daily increases and expanding lockdown measures that may slow oil demand. China, the largest importer of crude in the world, also witnessed severe floods and Typhoon in the central and eastern parts of the country.
Source: National Iraqi News Agency