Oil prices slide on expectations of higher supply, weaker demand
LONDON (Reuters) -Crude oil prices fell on Monday on expectations of increasing supply, while higher energy costs and rising COVID-19 cases are also seen weighing on demand.
Brent crude futures fell 96 cents, or 1.2%, to $81.21 a barrel, as of 1036 GMT. U.S. West Texas Intermediate (WTI) crude lost 73 cents, or 0.9%, to $80.06 a barrel.
Oil 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.
