Oil prices settle mixed as demand concerns persist

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NEW YORK, Jan. 11 (Xinhua) -- Oil prices settled mixed on Monday, as renewed concerns over the prospects of fuel demand weighed on the market.

The West Texas Intermediate (WTI) for February delivery added 1 cent to settle at 52.25 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery decreased 33 cents to close at 55.66 dollars a barrel on the London ICE Futures Exchange.

"The renewed concerns about demand due to very high numbers of new corona cases and further mobility restrictions, plus the stronger U.S. dollar, are generating selling pressure," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Monday.

The global COVID-19 caseload has reached about 90.7 million with related deaths exceeding 1.94 million as of Monday afternoon, showed a tally by Johns Hopkins University.

The dollar index, which measures the greenback against six major peers, rose 0.38 percent at 90.4600 in late trading on Monday.

Oil prices advanced noticeably in the week ending Friday with the U.S. benchmark WTI crude up 7.7 percent, while Brent crude climbing 8.1 percent. Enditem

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