Estimates of oil demand decline affect prices

January futures for Brent crude traded down 1.42% to $ 42.91 on the London-based ICE Futures Europe exchange. Yesterday, those contracts rose by 0.6%, Report says.

On the New York Mercantile Exchange (NYMEX), December futures for WTI fell 1.42% to $ 40.37 this morning after falling 0.8% yesterday.

Today, lower oil prices are mainly related to concerns about the declining demand for oil due to a new coronavirus wave.

However, Trading Economics assumes that this week could end with both contracts rising by up to 10%.