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Oil prices extend losses on profit taking and a stronger US dollar

Brent crude was down 37 cents, or 0.5%, at $71.12 a barrel by 1335 GMT

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Oil Prices | oil and gas

Reuters  |  LONDON 

Oil prices extended losses on Tuesday on profit taking and a stronger U.S. dollar, but overall optimism about recovering demand kept a floor under prices. Brent crude was down 37 cents, or 0.5%, at $71.12 a barrel by 1335 GMT, after declining 0.6% on Monday. U.S. West Texas Intermediate oil was off by 27 cents, or 0.4%, at $68.96 a barrel, having dropped by 0.6% in the previous session. "A previous price surge that was probably premature, coupled with a stronger U.S. dollar and a correction on the stock markets, are weighing on oil prices," Commerzbank said. As oil is ...

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First Published: Tue, June 08 2021. 20:07 IST
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