Brent erases overnight losses as safe-haven dollar slips to multiyear lows
An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China. Picture: REUTERS/STRINGER/CHINA OUT
Both benchmark contracts fell about 1% on Monday on the worry about oil oversupply, with global demand stuck below pre-Covid levels. The weakening US dollar makes oil and other commodities priced in dollars more attractive to global buyers.
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