Oil lost ground after a fourth week of gains as a rallying U.S. dollar and demand headwinds countered warnings from the International Energy Agency of higher prices ahead.
West Texas Intermediate futures dipped below US$82 a barrel on Monday after previously posting the longest run of weekly increases since June. A returning appetite for risk was fueling a greenback rally as stocks rose from Hong Kong to London. Lingering concerns over global inflation and demand for oil products were also a factor.
The IEA warned on Friday that the surprise OPEC production cut announced earlier this month will lead to painful price increases for consumers. The supply curbs that begin in May should further tighten the outlook for the second half of the year, the agency said. “OPEC+ cuts have clearly boosted prices,” Warren Patterson, the Singapore-based head of commodities strategy at ING Groep NV, said in a note. “However, weaker refinery margins are a concern, signaling weaker demand, particularly for middle distillates.”
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