Oil prices fell slightly at the opening of the trade earlier in the week due to concerns over the continued rise of Covid-19 cases around the world prompting the implementation of new restrictions.
In the Asian session, Brent crude futures traded lower at $ 49.05 a barrel, while the US WTI declined to $ 46.05 a barrel.
However, the commodity trade remained strong around the 9-month high it reached on Friday following OPEC + results.
OPEC + has agreed to reduce production cuts by 500,000 barrels per day to 7.2 million barrels per day from January 2021 to support the oil market affected by weak demand.
After witnessing a significant increase in the Covid-19 case, California had to impose new sanctions to curb transmission.
In addition, the southern German province of Bavaria announced on Sunday that it would implement stricter closures from Wednesday until January 5, while South Korean authorities would increase social distance regulations in Seoul and the surrounding area which may take effect by the end of the year.
This has indirectly raised market concerns over crude oil demand, while the positive outlook for the Covid-19 vaccine continues to give investors hope.
Meanwhile, weak NFP employment data strengthened investors' expectations of the fiscal stimulus measures that the US will implement to support their economies.
