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LONDON: Benchmark northwest European gasoline margins fell sharply on Monday amid a broad sell-off in energy prices amid growing concerns over the latest wave of coronavirus.

Oil prices fell by almost 3%, extending last week’s steep losses on the back of a rising US dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.

Exports of Northwest European gasoline to the United States were set to reach 318,000 tonnes so far in August, compared with 1.11 million tonnes in July, according to Refinitiv data.

Exports to West Africa were set to reach 185,000 tonnes in August, down sharply from July’s 1.82 million tonnes, the highest in nine months, the data showed.

India’s fuel demand rose 7.9% in July compared with the same month last year. China’s crude oil imports rebounded in July from a six-month low as state-backed refiners ramped up output after returning from maintenance, though independent refineries slowed restocking amid probes by Beijing into trading and taxes.

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