Oil prices fell at the start of the week. Traders point to the strong US dollar and the corona situation in China.
A barrel (159 liters) of the North Sea type Brent cost $ 120.26 this morning, or $1.75 less than Thursday. The price for the American type WTI fell by $1.82 to $118.85 for a barrel.
The strong dollar weighs on oil demand as a strong US currency makes crude more expensive to buyers outside the dollar zone, pushing prices down. The dollar is benefiting from the prospect of significant rate hikes from the US central bank due to high inflation.
The corona situation also plays a role in China, one of the largest oil consumers in the world. The metropolises of Beijing and Shanghai again reported an increasing number of infections. It is feared that possible new lockdowns will weigh on demand.
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