You are here: Home » International » News » Markets
Business Standard

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

Topics
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 ...

This article is no longer available in our repository.

There could be multiple reasons for this.

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