Brent falls for second straight day on demand concerns

Brent crude continued to fall as the US market opened on Monday, to deepen losses for the second straight day, pulling back from a 2-week high on profit-taking, in addition to fears over the global demand due to rising coronavirus infections in in Europe and the US, which increased speculation about reinstating lockdown measures.

Brent fell 2.1% to $42.08, after opening at $42.98, and hit a high of $43.28.

Brent futures fell 0.5% on Friday, after hitting the highest since September 4 of $43.78.

The coronavirus crisis continues to deter the global market, as cases spiked in France, the UK, Spain and many parts of the US, which renewed concerns about the global fuel demand.

This led some countries, led by the UK headed by Boris Johnson, are considering re-imposing another lockdown in efforts to contain the spread of the coronavirus.

Reinstating the lockdown diminishes hopes for a rapid global economic recovery, which will consequently weigh down on fuel demand.