Oil prices fall extending nearly 2 percent losses in the previous session, as a stronger US dollar and a flare-up in Covid-19 cases in China increased fears of slowing global demand
A strong greenback reduces demand for oil by making it more expensive for buyers using other currencies.
US West Texas Intermediate crude was at $90.58 a barrel, down 55 cents, or 0.6 percent, after losing $1.51 in the previous session. "Strong jobs data has strengthened expectations of another 75 basis points rate hike at next month’s Fed meeting, leaving downside risk for global oil demand," said ANZ Research analysts in a note.The sustained zero Covid-19 policy in China ahead of a Communist Party congress is "not helping" demand, the analysts added.
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