Oil falls 2% on U.S.-China tensions, rising virus cases
NEW YORK : Oil prices dropped nearly 2% on Monday despite a weaker U.S. dollar, as rising coronavirus cases and tensions between the United States and China clouded the outlook for oil demand’s recovery.
Brent crude lost 81 cents, or 1.9%, to $42.53 a barrel by 11:13 a.m. EDT (1513 GMT), while U.S. West Texas Intermediate (WTI) crude fell 65 cents, or 1.6%, to $40.64 a barrel.
Following the closures of consulates in Houston and Chendu, investors worried about relations between China and the United States and have retreated to safe havens, such as gold and bonds. [ ]
