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Oil prices dropped to their lowest since early January on Monday after the Wall Street Journal reported that Saudi Arabia and other OPEC oil producers are discussing an output increase.

U.S. West Texas Intermediate crude futures for December were down $4.02, or 5%, at $76.06 ahead of the contract’s expiry later on Monday. The more active January contract was down $3.82, or 4.8%, at $76.29.

Meanwhile, supply fears have largely receded while concerns over Chinese fuel demand and U.S. dollar strength weighed on prices. “Apart from the weakened demand outlook due to China’s COVID curbs, a rebound in the U.S. dollar today is also a bearish factor for oil prices,” said CMC Markets analyst Tina Teng.

 

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