Strong US dollar and rising Covid-19 cases in China

 


Oil prices extended their losses on Tuesday as a strong US dollar and a surge in coronavirus cases in China weighed on investor sentiment.

Brent, the benchmark for two thirds of the world’s oil, was trading 2.47 per cent lower at $93.81 a barrel at 2.44pm. West Texas Intermediate, the gauge that tracks US crude, was down 2.72 per cent at $88.654 a barrel 

US Dollar Index, a measure of the value of the greenback against a weighted basket of major currencies, was up 0.02 per cent at 113.16, inching towards September’s 20-year high of 114.78.

“Oil prices are paring recent gains for the second day as the International Monetary Fund and World Bank warn of an increased risk of a global recession,” Craig Erlam, senior market analyst at Oanda, said.

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