Oil prices fall around $1 to near 2-month lows as supply concerns ease

Shafaq News / Oil prices dropped to near two-month lows on Monday, sliding around $1 a barrel, as supply fears receded while concerns over fuel demand from China and U.S. dollar strength weighed on prices.

Brent crude futures for January had slipped 87 cents, or 1%, to $86.75 a barrel by 0436 GMT.

U.S. West Texas Intermediate (WTI) crude futures for December were at $79.21 a barrel, down 87 cents or 1.1%, ahead of the contract's expiry later on Monday. The more active January contract last fell 69 cents or 0.9% to $79.42 a barrel.

Both benchmarks closed Friday at their lowest since Sept. 27, extending losses for a second week, with Brent down 9% and WTI 10% lower.

"Apart from the weakened demand outlook due to China's COVID curbs, a rebound in the U.S. dollar today is also a bearish factor for oil prices," said Tina Teng, a CMC Markets analyst.

(Reuters)