A stronger dollar has also weighed on crude this week, making raw materials priced in the US currency less attractive to investors
Oil headed for the biggest weekly loss since mid-March as a resurgence of Covid-19 and uncertainty around the prospect for an Opec+ deal to increase supply clouded the short-term outlook.
Futures in New York fell 0.6 per cent toward $71 a barrel after closing at the lowest in a month on Thursday. The fast-spreading delta variant is sweeping across the globe, leading to renewed restrictions and curbing fuel demand. The United Arab Emirates is nearing a deal that would give it better terms and allow Opec+ to boost output in the coming months, although details remain scant.
A stronger dollar has also
First Published: Jul 17 2021 | 12:00 AM IST