Crude oil prices slipped on Monday as traders grew concerned over the demand outlook as the coronavirus infections continued to surge in some major economies.
The West Texas Intermediate for February delivery lost 61 cents to settle at $47.62 a barrel on the New York Mercantile Exchange. Brent crude for February delivery decreased 43 cents to close at $50.86 a barrel on the London ICE Futures Exchange.
Market participants focused updates on US COVID-19 stimulus.
US President Donald Trump on Sunday night signed the government spending and COVID-19 relief package into law, averting a government shutdown and delivering aid to individuals and businesses as the pandemic worsens.
Traders also assessed possible headwinds from the supply side.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, widely known as OPEC+, are expected to meet on Jan. 4. The group is set to boost output by 500,000 barrels per day in January.
Crude oil prices drop as demand fears persist
