Oil drops more than 3.5% as the number of Covid-19 infections in China increases sharply


Oil prices erased early gains and fell sharply on Monday (November 14), due to a stronger dollar and a record high number of Covid-19 infections in China’s major cities have dashed hopes of reopening the economy of the world’s largest crude oil importer.

Ending the session on Monday, the Brent oil contract dropped 3.44 USD (equivalent to 3.58%) to 92.55 USD/barrel. WTI oil contract lost 3.78 USD (equivalent to 4.25%) to 85.18 USD/barrel.

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