Oil ends lower as COVID worries outweigh relief over stimulus package

Oil futures fell Monday, giving up early gains tied to relief over President Donald Trump’s weekend decision to sign an economic aid package. Analysts said concerns over the potential for a post-holiday surge in COVID-19 cases and the prospect of a further loosening of OPEC+ production curbs weighed on crude after an initial pop higher. West Texas Intermediate crude for February delivery
CL.1,
+0.44%
CLG21,
+0.44%
lost 61 cents, or 1.3%, to close at $47.62 a barrel on the New York Mercantile Exchange.