On Monday, oil prices dropped, dragged down by a firmer US dollar. Meanwhile, increasing COVID-19 cases in China dashed hopes of reopening the economy for China, the world’s biggest crude importer.

On Friday, Brent crude futures were down USD 1.01, or 1.1 per cent, at USD 94.98 a barrel by 1030 GMT after gaining 1.1 per cent. WTI crude futures declined USD 1.11, or 1.3 per cent, to USD 87.85 after advancing 2.9 per cent on Friday.

On Friday, commodities prices rallied after the country’s National Health Commission adjusted its coronavirus prevention and control measures to shorten quarantine times for close contact with cases and inbound travellers. However, COVID-19 cases jumped in China over the weekend, with Beijing and other major cities on Monday reporting record infections.

The Asian country’s oil demand from top exporters Saudi Arabia also remained low, with several refiners having asked to lift less crude in December.