Oil prices tumble amid demand worries, dollar strength-Xinhua

Oil prices tumble amid demand worries, dollar strength

Source: Xinhua| 2022-05-10 05:25:45|Editor:

NEW YORK, May 9 (Xinhua) -- Oil prices suffered marked losses on Monday, pressured by mounting demand worries and a momentum in the greenback.

The West Texas Intermediate (WTI) for June delivery lost 6.68 U.S. dollars, or 6.1 percent, to settle at 103.09 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery decreased 6.45 dollars, or 5.7 percent, to close at 105.94 dollars a barrel on the London ICE Futures Exchange.

The pullback came as traders assessed risks to demand outlook amid the Omicron outbreak.

Also weighing on the prices is a strong U.S. dollar. The dollar index, which measures the greenback against six major peers, hit 104.19 on Monday, its highest level since 2002. Historically, the price of oil is inversely related to the price of the U.S. dollar.

For the week ending Friday, the WTI and the global crude standard both climbed 4.9 percent, based on the front-month contracts.

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