Oil prices slipped for a second straight session on Monday as renewed COVID-19 lockdowns raised fresh concerns about global fuel demand. Brent crude futures for March fell 15 cents, or 0.3%, to $55.26 a barrel by 0158 GMT, while U.S. West Texas Intermediate crude for March was at $52.19 a barrel, down 8 cents, or 0.2%. "Signs of weaker demand weighed on the market," ANZ analysts said, pointing to lockdowns in Hong Kong, China and possibly France as COVID-19 cases rise, restricting business activity and fuel consumption.
Considering that both of Egypt’s LNG liquefaction terminals will soon be operating, the main thrust of efforts should now be put towards boosting production volumes again