Oil prices slide on expectations of higher supply, weaker demand | 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 63 cents, or 0.8%, to $81.54 a barrel, as of 0731 GMT. U.S. West Texas Intermediate (WTI) crude lost 55 cents, or 0.7%, to $80.24 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.
"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.
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