Oil slumped on Monday, extending last week's losses, as new coronavirus infections hit China, Japan and the United States' increasing concerns that a resurgence of the virus could weigh on the recovery of fuel demand.
TOKYO - Oil slumped on Monday, extending last week’s losses, as new coronavirus infections hit China, Japan and the United States’ increasing concerns that a resurgence of the virus could weigh on the recovery of fuel demand.
Wider financial markets also dropped on Monday as the reports of a new cluster of coronavirus infections in Beijing raised the risk-off sentiment of investors. The coronavirus pandemic started at the end of last year in the Chinese city of Wuhan. In Japan, there were about 50 new cases reported in Tokyo on Monday, according to local media, which reported 47 on Sunday, then the highest number since early May.
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