Crude prices recorded declines of more than 0.40% this morning, Monday, November 21, with the opening of the European session, affected by rising market concerns about the rise in cases of Covid 19 in the second largest consumer of crude in the world and the largest importer of crude (China), where Brent crude declined by about 0.52%, trading at Levels of $87.16 a barrel, after declines of 9% last week, while US crude (NYMEX) is trading at levels of $79.73 a barrel, down by about 0.44%, after recording losses of about 10% last week.

Health authorities in China raised market concerns after they announced the closure of schools in some provinces in the capital, Beijing, while some areas in the southern city of Guangzhou were closed for five days, with the rise in HIV infections and the first death from the virus in six months, which raised concerns about Possible new restrictions may put pressure on oil demand.

In a related development, the American bank, Goldman Sachs, lowered its expectations for the average crude prices for the fourth and last quarter of the current Ivory Coast in its latest reports, as the bank believes that the average Brent crude may reach $100 per barrel, compared to $110 in previous reports, explaining that with high expectations of the return of restrictions in the largest importer.

Crude in the world with the high incidence of the virus.

The rises of the US dollar since the beginning of the session today, Monday, by more than 0.50%, an additional pressure factor on the movements of crude prices in the opening session