Oil slides as US crude drawdown faces Covid-19 surge, firmer dollar
NEW YORK (Reuters) -Oil prices dipped slightly on Wednesday after four straight days of declines, as investors remain worried about the outlook for fuel demand as COVID-19 cases surge worldwide and on rising strength in the U.S. dollar.
Brent crude was down 25 cents to $68.77 a barrel by 11:47 a.m. EDT (1547 GMT). U.S. WTI crude oil lost 41 cents to $66.17 a barrel.
The U.S. dollar index was up 0.1%, hitting its highest level since April. Crude prices often move inversely to the dollar because the commodity is priced in dollars; when the U.S. currency rallies, it makes oil more expensive for foreign buyers.
