Oil prices fell at the beginning of Monday's trading by about 1%, amid following up on the latest developments in the Corona pandemic and the floods that hit China.
According to Reuters, Howie Lee, an economist at (OCBC Bank), said that the crude markets experienced an exaggerated reaction last week, after OPEC reached + For an agreement to increase production starting in August.
However Lee pointed out that the selling wave was like the previous waves that proved to be short-term, as crude trimmed its losses throughout the week.
In a separate context, China - the world's largest oil importer - is witnessing an increase in the number of new coronavirus (Covid-19) infections, coinciding with its battle against floods. A number of countries saw a record increase in the number of new infections over the weekend.
In terms of today's trading, Brent crude futures for September delivery fell by 1.1% to $73.30 a barrel.
The US NYMEX crude contracts for September delivery also fell today by 1.2% at the level of $71.21 a barrel.
