Crude oil futures started a new trading week sharply lower during mid-morning Asian trade Dec. 20 as bearish pressures continued to build with COVID-19 cases around the world still climbing and fresh lockdowns kicking in.
At 10:25 am Singapore time (0207 GMT), the ICE February Brent futures contract was down $1.63/b (2.22%) from the previous close at $71.89/b, while the NYMEX January light sweet crude contract similarly fell $1.79/b (2.52%) at $69.07/b. “Asia markets are set for a negative opening… With the negative catalysts outweighing the positives thus far, sentiments may be under pressure to kickstart the new trading week,” IG’s market strategist Yeap Jun Rong said. A fresh wave of bearish headlines greeted investors over the weekend in another blow to oil demand. The Netherlands on Dec. 19 entered into a strict lockdown with all non-essential […]