Picture used for illustrative purpose. File

Gulf Today Report 

Oil prices fell on Monday as countries renew COVID-19 restrictions increasing worries over global fuel demand.

Brent crude futures declined by 8 cents, or 0.1%, to $55.38 a barrel while US West Texas Intermediate crude was at $52.26 a barrel, down 1 cent.

"Signs of weaker demand weighed on the market," ANZ analysts said, pointing to lockdowns in Hong Kong, China and possibly France as COVID-19 cases rise, restricting business activity and fuel consumption.

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China reported an increase in COVID-19 cases on Monday, affecting prospects of oil demand.

Additional production cuts from the world’s top exporter, Saudi Arabia has supported oil prices. However, investors are awaiting the resumption of talks between the United States and Iran on a nuclear accord.

Iran's oil minister said on Friday the country's oil exports have climbed in recent months and its sales of petroleum products to foreign buyers reached record highs despite US sanctions.