Oil prices fell on Monday as a stronger dollar, fears over soaring COVID-19 cases around the world and the slow pace of vaccination against the virus outweighed a better-than-expected quarterly rebound for China’s economy.
Brent crude was down 24 cents, or 0.4%, at $54.86 per barrel at 1308 GMT, and West Texas Intermediate U.S. crude fell 10 cents, or 0.2%, to $52.26.
“Corona-induced economic fears, a stronger U.S. dollar and more pessimistic investor sentiment are all playing their part in the fact that Brent is trading ... around $3 lower than last Wednesday,” said Commerzbank analyst Eugen Weinberg.
The benchmarks had rallied in recent weeks, buoyed by COVID-19 vaccine rollouts and a surprise cut of output by Saudi Arabia. However, the slow pace of vaccination has raised doubts over how soon economies could recover.
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