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Oil drops towards $66, lowest since May on demand concerns amid Covid surge

Rising Covid cases fuel fears over slower demand; stronger dollar as Fed on track to taper this year weighs

Crude Oil Price | Oil production | Oil demand

Reuters  |  London 

Oil dropped towards $66 a barrel on Thursday to its lowest since May, pressured by concerns about weaker demand as Covid-19 cases rise, a stronger US dollar and a surprise increase in US gasoline inventories. Circulation of the Delta variant in areas of low vaccination is driving transmission of Covid-19, the World Health Organization said. "The longer-than-anticipated battle against the invisible enemy has made investors cautious and pragmatic, leading to gradually softer prices," said Tamas Varga of oil broker PVM. "The potential withdrawal of ...

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First Published: Thu, August 19 2021. 14:20 IST