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Crude oil futures settled slightly lower on Monday after swinging between gains and losses as traders weighed energy demand prospects and fears of another lockdown amid a surge in new coronavirus cases across the globe.
West Texas Intermediate crude oil futures for August ended down $0.02 at $40.63 a barrel, after moving between $40.15 and $41.08 a barrel.
While recent strong from the U.S., Europe and China have raised hopes of a global economic recovery, worries persist on the virus front with several states across the U.S. reporting increases in new coronavirus cases last week.
The World Health Organization said Saturday that more than 200,000 coronavirus cases were confirmed worldwide over a 24-hour period, with the U.S. accounting for around 130,000 new cases. Several states in the U.S. reported record spikes in new daily cases over the weekend.
Meanwhile, investors in the Chinese market picked up stocks, betting on hopes a recovering economy and easier financial conditions would fuel a boom in corporate profits.
The economy is recovering while its capital markets are attracting money, setting the scene for a healthy bull market, the official China Securities Journal said in an editorial.
