{"id":119546,"date":"2021-08-09T03:31:49","date_gmt":"2021-08-09T03:31:49","guid":{"rendered":"https:\/\/fin2me.com\/?p=119546"},"modified":"2021-08-09T03:31:49","modified_gmt":"2021-08-09T03:31:49","slug":"oil-slumps-on-china-travel-curbs-strong-u-s-dollar","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/oil-slumps-on-china-travel-curbs-strong-u-s-dollar\/","title":{"rendered":"Oil slumps on China travel curbs, strong U.S. dollar"},"content":{"rendered":"

MELBOURNE (Reuters) – Oil prices dropped 2% on Monday, extending last week\u2019s steep losses on the back of a rising U.S. dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand.<\/p>

FILE PHOTO: Oil tankers are seen at a terminal of Sinopec Yaogang oil depot in Nantong, Jiangsu province, China June 11, 2019. REUTERS\/Stringer<\/figcaption>

Brent crude futures slid $1.41, or 2%, to $69.29 a barrel by 0125 GMT, after having slumped 6% last week, their biggest weekly loss in four months.<\/p>\n

U.S. West Texas Intermediate (WTI) crude futures fell $1.32, or 1.9%, to $66.96 a barrel, after having slumped nearly 7% last week in their steepest weekly decline in nine months.<\/p>\n

\u201cConcerns about potential global oil demand erosion have resurfaced with the acceleration of the Delta variant infection rate,\u201d RBC analyst Gordon Ramsay said in a note.<\/p>\n

ANZ analysts pointed to new restrictions in China, the world\u2019s second largest oil consumer, as a major factor clouding the outlook for demand growth.<\/p>\n

The curbs include flight cancellations, warnings by 46 cities against travel, and limits on public transport and taxi services in 144 of the worst hit areas.<\/p>\n

On Monday, China reported 125 new COVID-19 cases, up from 96 a day earlier.<\/p>\n

\u201cWhile the number of cases (in China) is low, it comes just as the summer travel season peaks,\u201d ANZ commodity analysts said in a note. \u201cThis has overshadowed signs of strong demand elsewhere.\u201d<\/p>\n

In Malaysia and Thailand, infections continue to hit daily records of more than 20,000.<\/p>\n

Oil also fell as the U.S. dollar rallied to a four-month high against the euro after Friday\u2019s stronger-than-expected U.S. jobs report spurred bets that the Federal Reserve may move more quickly to tighten U.S. monetary policy.<\/p>\n

A stronger U.S. dollar makes oil more expensive for holders of other currencies.<\/p>\n

Trading was quiet with holidays in Japan and Singapore.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MELBOURNE (Reuters) – Oil prices dropped 2% on Monday, extending last week\u2019s steep losses on the back of a rising U.S. dollar and concerns that […]<\/p>\n","protected":false},"author":3,"featured_media":119545,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nOil slumps on China travel curbs, strong U.S. dollar - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/oil-slumps-on-china-travel-curbs-strong-u-s-dollar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil slumps on China travel curbs, strong U.S. dollar - Fin2me\" \/>\n<meta property=\"og:description\" content=\"MELBOURNE (Reuters) – Oil prices dropped 2% on Monday, extending last week\u2019s steep losses on the back of a rising U.S. dollar and concerns that [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/oil-slumps-on-china-travel-curbs-strong-u-s-dollar\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-09T03:31:49+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/08\/Oil-slumps-on-China-travel-curbs-strong-U.S.-dollar.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/oil-slumps-on-china-travel-curbs-strong-u-s-dollar\/\",\"url\":\"https:\/\/fin2me.com\/markets\/oil-slumps-on-china-travel-curbs-strong-u-s-dollar\/\",\"name\":\"Oil slumps on China travel curbs, strong U.S. dollar - 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