berg80
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- Oct 28, 2017
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Oil prices ease to near 2-month lows on China demand fears, dollar strength
U.S. West Texas Intermediate (WTI) crude futures for December were at $79.40 a barrel, down 68 cents or 0.9%, ahead of the contract’s expiry later on Monday. The more active January contract was down 43 cents or 0.5% to $79.68 a barrel.
Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9% and WTI 10% lower.
“Apart from the weakened demand outlook due to China’s COVID curbs, a rebound in the U.S. dollar today is also a bearish factor for oil prices,” said CMC Markets analyst Tina Teng.
![www.cnbc.com](https://image.cnbcfm.com/api/v1/image/107112668-1662046098261-gettyimages-1350968845-a23i5223_2021110280559064.jpeg?v=1685079926&w=1920&h=1080)
Oil prices waffle on conflicting OPEC+ output reports
Oil prices were down Monday but reversed some losses on conflicting reports about whether Saudi Arabia is considering a daily output increase.
The international market for oil controls the price just as it did when oil went above $120. Biden's rhetoric about fossil fuels and the need to reduce carbon emissions that came during the campaign and the start of his admin is an afterthought.