Oil prices were down over the double whammy of oil demand concerns from a questionable economic recovery given the limited mobility from mitigation efforts against the pandemic in several countries and with investor caution on approval of the US relief package.
International benchmark Brent crude was trading at $55.36 per barrel at 0704 GMT for a 0.57% decrease after closing Monday at $55.68 a barrel.
American benchmark West Texas Intermediate (WTI) was at $52.50 per barrel at the same time for a 0.51% drop after ending the previous session at $52.77 a barrel.
Mounting coronavirus cases, lockdowns and strict restrictions in several countries in Europe, the US and Asia continue to negatively affect the global economic outlook, curbing oil demand.
US President Joe Biden reinstated travel restrictions on non-US citizens who have visited Brazil, Ireland, the UK and much of Europe, while also extending restrictions to travelers who have recently been to South Africa.
Meanwhile, protests have been held in the Netherlands, Denmark and Spain against lockdowns and strict government-implemented restrictions.
Further adding to investor concerns is the uncertainty as to if and when Republican lawmakers will approve the US relief package that the Biden Administration argues needs more stimulus for the general public and hard-hit businesses.
By Sibel Morrow