Crude oil futures ended almost flat on Monday as pressure from a rising dollar and rising coronavirus cases and tighter lockdown measures in several countries across the world raised concerns about outlook for energy demand. The US saw at least 208,338 new cases of COVID-19 reported on Sunday and counted at least 1,777 deaths, numbers that may be underreported due to lower weekend staffing. China saw its biggest daily increase in Covid-19 cases in more than five months, as new infections in Hebei province, which surrounds the capital Beijing, continued to rise. Investors fear that travel bans and the closure of schools and workplaces in Europe coupled with new movement restrictions in China could weigh on fuel demand.
Crude oil futures for February rose a penny to settle at $52.25 a barrel on the New York Mercantile Exchange. However, March Brent crude declined 33 cents or 0.6 percent to settle at $55.66 a barrel on London's Intercontinental Exchange.