WASHINGTON (dpa-AFX) - Oil prices fell on Monday to extend losses from the previous week as new coronavirus infections in China, Japan and the United States raised concerns of a resurgence of the virus and added to uncertainty about energy demand. Weak data from China also stoked worries about the global growth outlook.
Benchmark Brent crude for August delivery dropped 0.6 percent to $38.51 a barrel while U.S West Texas Intermediate crude futures were down 1.6 percent at $35.67 a barrel.
The oil benchmarks fell about 8 percent last week, marking their first weekly declines since April as several states in the U.S. reported a surge in new coronavirus infections following the reopening of businesses.
Over 25,000 new U.S. cases were reported on Saturday alone as more states reported record new infections and hospitalizations.
Beijing recorded a spate of new covid-19 cases in a major wholesale food market, raising worries about a second wave of coronavirus infections.
Tokyo reported 47 new coronavirus cases on Sunday, the highest since May 5, as the capital eases restrictions and readies to fully reopen the economy.
On the data front, China's industrial production grew 4.4 percent on a yearly basis in May, faster than the 3.9 percent increase logged in April, data from the National Bureau of Statistics showed. Economists had forecast a 5 percent rise.
Retail sales dropped at a slower pace of 2.8 percent in May from last year, slower than the 7.5 percent decrease seen in April. Sales were forecast to fall 2 percent.
During January to May, fixed asset investment decreased 6.3 percent from the same period of last year while economists had forecast a 5.9 percent fall.
An OPEC-led monitoring panel will meet on Thursday to discuss ongoing record production cuts and see whether countries have delivered their share of the reductions, media reports suggest.
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