Oil prices swing after sharp decline on demand concerns and strong dollar – The National

Oil prices swing after sharp decline on demand concerns and strong dollar – The National

Oil prices fell on Thursday extending their sharp decline from the previous day due to supply constraints and growing fears of a slump in crude demand, triggered by wide lockdowns in China to contain rising Covid-19 infections, amid rising interest rates and a strong dollar.

Brent, the benchmark for two thirds of the world's oil, which fell more than 5 per cent on Wednesday, was trading 0.07 per cent lower at $87.94 a barrel at 2.29pm UAE time.

West Texas Intermediate, the gauge that tracks US crude, which slid about 6 per cent yesterday, was down 0.13 per cent, at $81.83 a barrel.