After recording a decline in the Asian session, crude oil trading began to show an uptick during the opening of the European session with price movements still limited by market concerns over weak global demand due to the continued increase in Covid-19 cases.
The benchmark Brent crude futures traded stable at $ 51.24 a barrel, while the US WTI traded around $ 48.29 a barrel.
The discovery of a new Covid-19 variant that is reported to be more contagious has suppressed the black commodity trade since last week.
This following the implementation of tighter closures and travel restrictions by many countries has heightened market concerns over potential fuel demand for world fuels.
Adding to the market concern is the continued increase in coronavirus cases worldwide. On Sunday, a total of 30,501 cases were recorded in the UK as hospitals in some areas of the country warned that they were increasingly burdened.
However, news of US President Donald Trump signing a coronavirus stimulus package to some extent helped support black commodity trading from declining.
