Oil prices fall on demand concerns, U.S.-China trade tension – ZAWYA

Oil prices fall on demand concerns, U.S.-China trade tension – ZAWYA

SINGAPORE/MELBOURNE - Oil prices fell on Monday, paring last week's gains, on worries a global oil glut may persist amid slumping demand and U.S.-China trade tensions that could restrict an economic recovery even as coronavirus pandemic lockdowns start to ease.. "As optimism fades around global growth prospects, oil is giving up (last week's) gains, aided by a strengthening U.S. dollar," said Michael McCarthy, chief market strategist at CMC Markets.. The U.S. dollar firmed on Monday against a basket of currencies.. Oil prices are usually priced in dollars so a stronger greenback makes crude more expensive for buyers with other currencies.. "The resumption of the trade war will be detrimental to oil prices over the long term," said Stephen Innes, chief global market strategist at financial services firm AxiCorp..