Oil price drops more than 2% on China’s virus curbs, strong dollar

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Oil prices fell more than 2% on Monday, extending last week’s steep losses on the back of a rising U.S. dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow a global recovery in fuel demand.

A United Nations panel’s dire warning on climate change added to the gloomy mood after fires in Greece razed homes and forests and parts of Europe suffered deadly floods last month.

Brent futures were down $1.65, or 2.3%, to $69.05 a barrel by 1:21 p.m. EDT (1721 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.73, or 2.5%, to $66.55.

That put both benchmarks down more than 9% over the past six sessions and on track for their lowest closes since July 19.

In intraday trade, WTI fell to its lowest level since May.

via Reuters

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