Oil prices slide as COVID-19 cases surge globally

LONDON: Oil prices dropped on Monday as novel coronavirus infection worldwide surged past 700,000 cases.

Crude oil slipped to its lowest in more than 17 years on Monday, with Brent North Sea trading at $22.58 per barrel at one point.

Regarding the ongoing price war, Commerzbank said in a client note that estimates for the (oil) demand side are being revised downwards on an almost daily basis, while on the supply side there is still no sign of any reconciliation between Saudi Arabia and Russia.

Oil companies are warned that oil could sink even further as storage tanks around the world approach full capacity.

Meanwhile, Saudi Arabia, announced to raise exports by 600,000 barrels per day to a record 10.6 million barrels per day in May.