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 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.
"Possible releases of oil from U.S. strategic petroleum reserves (SPR) gets lots of the blame from the decline in price," SEB chief commodities analyst Bjarne Schieldrop said.
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