Oil prices were under pressure on Monday following a week of steep losses as rising Covid cases spark fears of a demand slowdown.
"The biggest challenge for oil markets remains the uncertainty around COVID as the 'delta variant' has made for the highest daily case counts since early 2021," noted analysts at Bank of America.
Data out of China also weighed on crude on Monday. The country's export growth unexpectedly slowed in July, while imports rose 28.1% compared to a year earlier. This was below forecasts that called for a 33% increase. "The price slide is continuing [Monday] amid growing concerns about demand again," the firm wrote in a note to clients. "Market participants are watching the rising coronavirus figures in Asia with considerable alarm, as this could prompt the Chinese government to take drastic measures in line with its strict zero Covid strategy."
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