Brent crude futures for January had slipped 65 cents to $86.97 a barrel by 1000 GMT, while U.S. West Texas Intermediate crude futures for December were down 37 cents at $79.71
Oil prices dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and U.S. dollar strength weighed on prices.
U.S. West Texas Intermediate crude futures for December were at $79.71 a barrel, down 37 cents or 0.5 per cent, ahead of the contract’s expiry later on Monday. The more active January contract was down 50 cents or 0.6 per cent to $79.61 a barrel. “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.
New COVID case numbers in China remained close to April peaks as the country battles outbreaks nationwide and in major cities. Schools in some districts in the capital Beijing switched to online classes on Monday after officials asked residents to stay home, while the southern city of Guangzhou ordered a five-day lockdown for its most populous district.
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