Oil prices turn negative on US-China tensions, corona cases
Oil prices slipped on Friday, shrugging off a weaker US dollar, as tensions between the United States and China rose against a backdrop of rising coronavirus cases.
Brent crude fell 25 cents to $43.06 a barrel by 0713 GMT, and US West Texas Intermediate (WTI) crude eased 28 cents to $40.79.
China ordered the United States to close its consulate in the city of Chengdu on Friday, responding to a US demand this week that China close its Houston consulate, as relations between the world’s two largest economies deteriorate.
The dollar slid to 22-month lows against a basket of currencies.
A weaker dollar usually spurs buying of commodities priced in the greenback, like oil, because they become cheaper for holders of other currencies.
