Oil Falls as China COVID-19 Spike Dampens Demand Outlook

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas on June 9, 2016. Richard Carson/Reuters

LONDON—Oil prices fell by over 2 percent on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer.

Brent futures for February fell $1.67, or 2.01 percent, to $81.59 a barrel by 0953 GMT. The more active March contract fell 1.79 percent to $82.49/bbl.