Oil slips on U.S.-China tensions, rising virus cases – ZAWYA

Oil slips on U.S.-China tensions, rising virus cases – ZAWYA

oil slips on u.s.-china tensions, rising virus cases u.s. dollar index hits 2-year low    oil refinery. image used for illustrative purpose.singapore/london - oil prices edged lower on monday, as rising coronavirus cases and tensions between the united states and china clouded the outlook for oil demand recovery.brent crude dipped 53 cents, or 1.2%, to $42.81 a barrel by 1340 gmt, while u.s. west texas intermediate (wti) crude dropped to $40.88 a barrel, down 41 cents, or 1.05%.the fall came as investors sought safe havens, such as gold and bonds, given tensions between the world's two biggest economies following the closures of consulates in houston and chengdu. global cases of the new coronavirus, meanwhile, exceeded 16 million.brent crude dipped 53 cents, or 1.2%, to $42.81 a barrel by 1340 gmt, while u.s. west texas intermediate (wti) crude dropped to $40.88 a barrel, down 41 cents, or 1.05%.singapore/london - oil prices edged lower on monday, as rising coronavirus cases and tensions between the united states and china clouded the outlook for oil demand recovery.the fall came as investors sought safe havens, such as gold and bonds, given tensions between the world's two biggest economies following the closures of consulates in houston