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Oil falls on demand fears, strengthening dollar

U.S. West Texas Intermediate (WTI) crude futures fell 33 cents, or 0.62%, to $52.52 a barrel at 0452 GMT, erasing Wednesday's gain.

January 28, 2021 / 11:40 AM IST
Source: Reuters

Source: Reuters

Oil slid in Asia morning trade on Thursday despite a huge drop in U.S. crude stock, as the strength in the U.S. dollar and fresh fuel demand worries due to travel curbs and delays with coronavirus vaccines weighed on prices.

U.S. West Texas Intermediate (WTI) crude futures fell 33 cents, or 0.62%, to $52.52 a barrel at 0452 GMT, erasing Wednesday's gain.

Brent crude futures fell 36 cents, or 0.65%, to $55.45 a barrel, after losing 10 cents on Wednesday.

The U.S. dollar gained broadly, with its index up at 90.753 from a January low of 89.206, subsequently pressuring dollar-priced commodities.