Oil prices slide on expectations of higher crude supply | Reuters
Crude oil prices fell on Monday on expectations of increasing supply, while the recent surge in energy costs and rising COVID-19 cases are expected to weigh on demand.
Brent crude futures fell 87 cents , or 1.1%, to $81.30 a barrel, as of 11 a.m. EDT (1500 GMT). U.S. West Texas Intermediate (WTI) crude lost 80 cents, or 1.0%, to $79.99 a barrel.
Oil markets have ended each of the last three weeks lower than the previous one. However, Brent has only shed a total of 4% in that time, as the market see-sawed between concerns about insufficient supply and worries that high prices will cool demand just as drillers ramp up activity.
The strengthening dollar has also pressured oil prices, along with speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve.
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