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Oil prices fell on Monday, pressured by renewed concerns over energy demand.
The West Texas Intermediate (WTI) lost 3.97 U.S. dollars, or 4 percent, to settle at 94.29 U.S. dollars a barrel for May delivery on the New York Mercantile Exchange. Brent crude for June delivery decreased 4.3 dollars, or 4.2 percent, to close at 102.78 dollars a barrel on the London ICE Futures Exchange.
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The pullback came as traders assessed the impact of COVID-19 on the outlook of fuel demand.
Meanwhile, data released Friday by Houston-based oilfield services company Baker Hughes showed a visible increase in drilling activity in the United States. According to the company, U.S. oil rigs rose 13 to 546 last week, while gas rigs rose three to 141.
The WTI and Brent dropped 1 percent and 1.5 percent for the week ending Friday, respectively, based on the front-month contracts.
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