Crude oil prices fell in trading today (Monday, June 23) following Beijing warnings of escalating Covid-19 virus outbreaks and concerns about inflation.

Oil prices fell more than $ 2 a barrel today amid rising Covid-19 stocks in Beijing and lower hopes for a rapid rise in China’s fuel demand, amid worries about global inflation and weak economic growth, according to Reuters. It put more pressure on global oil markets.

North Sea Brent crude fell $ 2.30 (1.89%) to $ 119.71 a barrel at 6:47 a.m.

West Texas Intermediate crude fell $ 2.27 (1.88 percent) to $ 118.40 a barrel during mid-day trading.

Global crude oil prices fell after Chinese officials warned at the weekend about the escalation of the Corona virus in the Chinese capital, Beijing.

“China remains one of the drivers of declining oil demand in the short term, but most see the gradual normalization of Chinese demand as a positive factor for oil prices,” said Stephen Ince, SPI’s asset management director.

“Despite the possibility of intensifying quarantine to counter the outbreak of coronavirus in the coming weeks, it is still not normal to reflect demand conditions,” he wrote.