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| Oil prices dip on stronger dollar & new Covid-19 curbs in China | Oil prices dip on stronger dollar & new Covid-19 curbs in China |
| (17 days later) | |
| Global crude prices dropped nearly 2%, hitting more than two-week lows, amid rising concerns over new pandemic-related restrictions in China and a strengthening US dollar. | Global crude prices dropped nearly 2%, hitting more than two-week lows, amid rising concerns over new pandemic-related restrictions in China and a strengthening US dollar. |
| Brent crude futures for October delivery fell $2.25% to $69.11 per barrel by 06:58 GMT, after having dropped 6% last week, the biggest weekly loss in four months. | Brent crude futures for October delivery fell $2.25% to $69.11 per barrel by 06:58 GMT, after having dropped 6% last week, the biggest weekly loss in four months. |
| Meanwhile, US crude benchmark WTI declined by 2.3%, to $66.71 per barrel, following a 7% slump last week, the steepest weekly decline in nine months. | Meanwhile, US crude benchmark WTI declined by 2.3%, to $66.71 per barrel, following a 7% slump last week, the steepest weekly decline in nine months. |
| The drop reportedly comes amid new restrictions introduced by China, one of the world’s major oil consumers, due to rising Covid-19 cases. | The drop reportedly comes amid new restrictions introduced by China, one of the world’s major oil consumers, due to rising Covid-19 cases. |
| “Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate,” RBC analyst Gordon Ramsay told Reuters. | “Concerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate,” RBC analyst Gordon Ramsay told Reuters. |
| Moreover, the latest rally in the US dollar weighed on oil prices as well, as a stronger greenback makes oil more expensive for holders of other currencies. | Moreover, the latest rally in the US dollar weighed on oil prices as well, as a stronger greenback makes oil more expensive for holders of other currencies. |
| The dollar hit a four-month high against the euro on a stronger-than-expected US jobs report published on Friday, which revived hopes that the Federal Reserve would move to tighten US monetary policy more quickly. | The dollar hit a four-month high against the euro on a stronger-than-expected US jobs report published on Friday, which revived hopes that the Federal Reserve would move to tighten US monetary policy more quickly. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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