Crude oil prices fell slightly during the early trading session of the week driven by concerns over global material demand which may be affected following the implementation of new movement restrictions in China.
The benchmark Brent crude fell 1.2% to $ 55.32 a barrel, after jumping to an 11-month high of $ 56.39 a barrel.
Meanwhile, the US WTI fell 0.8% at $ 51.82 a barrel, after rising above the $ 52 a barrel when it closed on Friday.
Investors initially welcomed the good news from the Biden administration which will take over the White House on January 20 to implement a bigger boost.
Elected President Joe Biden will make a proposal this week to implement a trillion-dollar stimulus aid in his efforts to combat the effects of the pandemic on the economy.
However, the resurgence of coronavirus cases in China with the biggest daily increase in more than 5 months, has raised new concerns for the crude oil market.
Shijiazhuang, the capital of Hebei is now under restrictive movement, where citizens and vehicles are prohibited from leaving the city to curb the spread of the epidemic.
