5 February 2025

5 February

Oil losses as gloom grows over soaring COVID-19 cases

(Reuters) Oil prices fell on Tuesday, adding to losses from the previous session that came as California tightened its pandemic lockdown through Christmas and coronavirus cases continued to surge in the United States and Europe.

Brent crude futures fell 1.1%, to $48.28 a barrel by 0744 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 45 cents to $45.31 a barrel.

Globally, a sharp rise in coronavirus cases has led to a string of renewed lockdowns, including strict measures in the U.S. state of California as well as Germany and South Korea.

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