Crude Oil Near Two-Month Low On Demand Concerns

21 Nov 2022 , 01:39 PM

Crude oil prices stayed weak to trade near two-month lows on Monday tracking a firmly higher dollar amid weak risk sentiment. Investors flocked to the safe haven greenback as sentiments turned sour by rising COVID cases and tightening restrictions in some cities in China that could affect demand from worlds largest oil importer. Chinas capital Beijing reported two deaths for Nov. 20, with the citys most populous district urging residents to stay at home on Monday, extending a request from the weekend as the country fights numerous COVID-19 flare ups. The dollar index, which measures the greenback against six major peers, rose 0.5% to 107.40, touching its highest level since Nov. 11. Meanwhile, WTI crude oil futures fell by 0.12% at $80.01 per barrel. Powered by Commodity Insights