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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Does he know? The guy who increases petrol prices at the pumps.