Oil prices dip as demand concerns dominate

NEW YORK, April 25 (Xinhua) -- Oil prices dropped on Monday as demand worries outweighed concerns over supply outages.

The West Texas Intermediate for June delivery lost 3.53 U.S. dollars, or 3.5 percent, to settle at 98.54 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased 4.33 dollars, or 4.1 percent, to close at 102.32 dollars a barrel on the London ICE Futures Exchange.

The pullback came as investors assessed the impact of COVID-19 on the outlook of fuel demand.

Oil prices were also came under pressure amid signs that the supply outages were becoming somewhat smaller.

According to Libya's oil ministry, oilfields that were closed due to blockades could resume production within a matter of days.

For the week ending Friday, the U.S. crude standard and Brent dipped 4.1 percent and 4.5 percent, respectively, based on the front-month contracts.