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 $1.01, or 1.2%, to $81.16 a barrel, as of 1353 GMT. U.S. West Texas Intermediate (WTI) crude lost 96 cents, or 1.1%, to $79.83 a barrel.
The fall came after U.N. climate talks ended Saturday with a deal that for the first time targeted fossil fuels as the key driver of global warming. read more
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.
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