SINGAPORE: Crude oil prices skidded on Monday, under pressure from expectations of higher supplies and weakening demand.
Brent crude futures fell 58 cents, or 0.7%, to $81.59 a barrel, as of 0151 GMT. U.S. West Texas Intermediate (WTI) crude lost 58 cents, or 0.7%, to $80.21 a barrel.
Both markets have dropped for the last three weeks, hit by a strengthening dollar and speculation that President Joe Biden’s administration might release oil from the U.S. Strategic Petroleum Reserve to cool prices.
“The White House has been debating how to tackle higher inflation, with some officials calling for the strategic reserve to be tapped, or halting U.S. exports,” ANZ analysts said in a report.
